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ISLAMABAD, Oct 24 (APP): Pakistan and Canada on Friday reaffirmed their resolve to further strengthen bilateral economic and trade cooperation, with both sides expressing commitment to unlocking the full potential of bilateral relations.
The understanding was reached during a call-on meeting of Canada’s newly appointed High Commissioner to Pakistan, Tarik Ali Khan, with Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, according to press release issued by finance ministry.
The minister welcomed the High Commissioner and congratulated him on assuming his responsibilities in Islamabad.
He shared an overview of Pakistan’s recent economic performance and reform agenda, noting that after a challenging period three years ago, the country’s macroeconomic indicators had shown marked improvement, with inflation brought under control and fiscal discipline restored.
He highlighted the government’s continued focus on structural reforms, privatization of state-owned enterprises, and private sector-led growth as part of the broader strategy for sustainable economic recovery.
Senator Aurangzeb also briefed the High Commissioner on Pakistan’s engagement with international financial institutions and development partners, as well as the government’s priority to attract foreign direct investment, particularly in energy, infrastructure, and mineral sectors.
He noted that Canadian participation in projects such as the Reko Diq mine reflected the growing potential for deeper economic ties between the two countries.
The minister emphasized the importance of expanding bilateral trade, which currently stands below potential, and invited greater Canadian investment in Pakistan’s renewable energy, mining, and technology sectors.
He also underscored the need to enhance formal remittance channels from the Pakistani diaspora in Canada, which remains a valuable bridge between the two economies.
The Finance Minister also briefed the High Commissioner on Pakistan’s priorities for population management, poverty reduction, and climate adaptation, underscoring the government’s commitment to long-term sustainable development.
High Commissioner Tarik Ali Khan conveyed warm greetings from the government of Canada and commended Pakistan’s economic progress under the ongoing IMF programme.
He said that trade diversification is a key priority for Canada and that his government is keen to strengthen trade, investment, and development cooperation with Pakistan.
The High Commissioner noted that Canada is actively pursuing infrastructure and energy expansion, including LNG and critical minerals development, and sees opportunities to collaborate with Pakistan in these areas.
He also mentioned Canadian companies working in renewable energy partnerships in Karachi and expressed Canada’s interest in supporting Pakistan’s green transition and climate resilience efforts.
Tarik Ali Khan further emphasized the shared potential to boost agricultural trade and business-to-business linkages, including through a proposed Canada-Pakistan Chamber of Commerce. He also reaffirmed Canada’s commitment to climate finance and ongoing contributions to multilateral climate funds.
Both sides exchanged views on the ongoing negotiations for a bilateral investment treaty and agreed that its early conclusion would further enhance investor confidence and economic engagement.