Finance Minister analyzes refinery modernization with Honeywell in Washington

Finance Minister Muhammad Aurangzeb met a delegation from Honeywell Technologies in Washington, DC on Tuesday, where discussions focused on the proposed modernization and expansion of Pakistan’s refinery sector, according to the Finance Ministry.

The ministry said the finance minister welcomed the proposal, which has the potential to “improve the country’s domestic refining capacity and reduce dependence on imported petroleum products.”

According to the ministry, the two sides discussed “Honeywell’s technology and equipment solutions” as well as “potential financing through the US EXIM Bank, the US International Development Finance Corporation (DFC), export credit agencies and major international banks.”

The ministry said the finance minister told the delegation that the proposed initiative would “support Pakistan’s energy security, industrial development and sustainable economic growth.”

The Honeywell delegation was led by its vice president and general manager, Barry Glickman.

The round of talks came at a time when Islamabad and Washington seek to deepen economic engagement through trade, investment and business partnerships.

The United States remains Pakistan’s largest export destination, while both countries have recently expanded cooperation in areas including investment promotion and critical minerals.

According to the Office of the United States Trade Representative, total US trade in goods and services with Pakistan was estimated at $10.1 billion in 2024. US trade in goods reached $8.7 billion in 2025, with US exports to Pakistan increasing to $3.3 billion and imports from Pakistan increasing to $5.4 billion.

Read: Trade negotiations between Pakistan and the United States advance: FO

Business leaders have welcomed progress in the negotiations, saying a reciprocal trade deal could improve Pakistani exporters’ access to the U.S. market.

The talks also come against the backdrop of evolving US tariff measures affecting Pakistani exports. Earlier this year, the Trump administration proposed a 29% tariff on Pakistani goods before reducing it to 19% following negotiations with Pakistani officials.

The U.S. Supreme Court later ruled that the International Emergency Economic Powers Act did not authorize the President to impose broad tariffs under emergency powers. The administration subsequently invoked Section 122 of the Trade Act of 1974 to impose a temporary 10% global tariff for up to 150 days.

Pakistan is also among countries that responded to a Section 301 investigation by the U.S. Trade Representative’s office into alleged trade practices related to forced labor. Islamabad has submitted detailed responses to US authorities, including an additional communication ahead of the latest round of negotiations.

The Ministry of Foreign Affairs said on July 12 that Pakistan and the United States had made significant progress towards a reciprocal trade agreement after two days of negotiations in Washington, in which both sides narrowed their differences and built consensus for the early conclusion of the pact.

Foreign Ministry Spokesperson Tahir Andrabi said negotiations on the Reciprocal Trade Agreement between Pakistan and the United States were held on July 9 and 10 in Washington in what he described as a cordial atmosphere.

The negotiations focused on strengthening bilateral trade, facilitating greater trade cooperation and expanding existing trade between the two countries.

Photos shared by the Ministry of Foreign Affairs showed officials from both sides posing after the talks. In one image, Paul presented a Pakistani-made soccer ball to an American official, highlighting one of Pakistan’s major export industries.