US President Bill Clinton stands between PLO leader Yasser Arafat (R) and Israeli PM Yitzahk Rabin as they shake hands for the first time after signing the Oslo Accords. AFP
US President Bill Clinton stands between PLO leader Yasser Arafat (R) and Israeli PM Yitzahk Rabin as they shake hands for the first time after signing the Oslo Accords. AFP

1993 - The Oslo Accords and the broken promises of peace

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Updated 19 April 2025
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1993 - The Oslo Accords and the broken promises of peace

1993 - The Oslo Accords and the broken promises of peace
  • The interim agreements between Israel and the Palestine Liberation Organization aimed to establish a framework for peaceful coexistence but were derailed by extremist violence

CHICAGO: As a Palestinian, I grew up in the shadow of the pain and suffering of the Arab-Israeli conflict. 

Israeli violence during the 1947 and 1948 war forced my father’s family to flee their homes in West Jerusalem and live for more than two years in the squalor of a refugee camp in Jordan, until my father could bring them to the US in 1951. 

My mother and her family in Bethlehem were forced to suffer through constant Israeli military assaults after the war, even though they lived under Jordanian control. They were uncertain whether they could survive, so eventually they fled to the welcoming arms and sanctuary of the diaspora, settling in Colombia and Venezuela. 

But they lost so much. To this day, more than 10 acres of my family land, on my mother’s side, adjacent to the Israel settlement of Gilo, remains under Israeli control and outside our reach, simply because we are Christian Palestinians and not Jews. 

This cumulative weight of suffering was lifted from me as I sat and watched my hero, Palestine Liberation Organization leader Yasser Arafat, shake the hand of our oppressor, Israeli Prime Minister Yitzhak Rabin, during the signing of the Oslo Accords peace agreement at the White House on Sept. 13, 1993. 

Rabin was a monster to Palestinians. In January 1988, as a general, he ordered his soldiers to “break the bones” of Palestinian civilians identified as “inciters” during protests against Israeli policies. Rabin was never charged over this but his lower-ranking officers faced a public outcry that was covered up by the Israeli government and the pro-Israel news media. 

How we wrote it




Arab News marked the Oslo Accords signing with a 3-page special, prematurely declaring “Pact heralds dawn of peace in Mideast.”

Yet we were willing to set all of that aside for an Israeli who was willing, for the first time, to recognize Palestinians as a people; a people that had been denied recognition by all of his predecessors, including Golda Meir, a Milwaukee schoolteacher who became an immigrant prime minister and once cruelly declared that the Palestinians “did not exist.” 

On Sept. 13, 1993, we set aside the pain of the past and hoped to move forward thanks to a new beginning on “a great occasion of history and hope,” as President Bill Clinton declared at the beginning of the momentous event. 

I remember grabbing a chunk of grass from the White House lawn in front of the stage as a souvenir and placing it between the pages of the program that was distributed to Palestinian and Israeli guests at the signing. We all sat near each other, in different groups and sections, Jews and Arabs, and greeted the start of the ceremony with relief. 

The peace documents were actually signed by Israel’s foreign minister, Shimon Peres, and the PLO’s Mahmoud Abbas, with Rabin, Arafat and Clinton looking on. 

Then, with Rabin to his right and Arafat to his left, Clinton nudged the two leaders together and they shook hands. 

The Oslo Peace Accords included recognition of certain rights on both sides. The Palestinians openly recognized Israel’s “right to exist,” considered a major concession at the time, while Israel recognized only that Palestinians would be granted a process leading to limited self-rule. Israel did not agree to recognize Palestinian statehood under the accords, instead committing only to a vaguely defined system of Palestinian self-government in the occupied territories, and to withdrawing its armed forces from much, but not all, of the West Bank. 

It was to be the foundation for a promise of a process that would lead to the creation of a Palestinian state within five years. But this was never written down or documented. It was only interpreted. 

Key Dates

  • 1

    At the Madrid Peace Conference, US Secretary of State James Baker invites Israeli officials to meet representatives of several Arab countries to pursue peace and establish self-rule for Palestinians. Israel objects to direct talks with the PLO. Palestinians from the occupied West Bank partner with Jordanian delegation to explore peace prospects.

    Timeline Image Oct. 30-Nov. 1, 1991

  • 2

    Yitzhak Rabin is elected prime minister, vowing to make progress in peace negotiations and the establishment of Palestinian self-rule. He enters into secret, direct talks with the PLO in Norway.

    Timeline Image July 13, 1992

  • 3

    US President Bill Clinton hosts the signing ceremony of the Oslo Accords. Rabin and PLO leader Yasser Arafat sign the Declaration of Principles, marking a historic step towards peace in the Middle East. The agreement recognizes the PLO as the representative of the Palestinian people, with the PLO renouncing terrorism and recognizing Israel’s right to exist.

    Timeline Image Sept. 13, 1993

  • 4

    US-born Benjamin “Baruch” Goldstein, wearing an Israeli military uniform and carrying an automatic weapon, enters Ibrahimi Mosque in Hebron and massacres 29 Muslims as they pray, wounding 125.

  • 5

    On Israel’s Holocaust Memorial Day, a Hamas suicide bomber kills eight Israelis and injures 55 others.

  • 6

    The Nobel Committee awards Nobel Peace Prize to Arafat, Rabin and Israel’s foreign minister, Shimon Peres for the Oslo Accords.

    Timeline Image Oct. 14, 1994

  • 7

    Progress with Palestinians opens door to a peace agreement between Israel and Jordan, signed during a ceremony in the Arava Valley, north of Eilat in Israel and close to the Jordanian border.

  • 8

    Rabin shot by an Israeli extremist and dies the following morning. Rabin’s family claim killer supported right-wing extremist politics of Ariel Sharon and Benjamin Netanyahu.

    Timeline Image Nov. 4, 1995

And yet, even as limited as it was, the agreement was an overwhelming relief to many, including my family. My wife is Jewish, and we subsequently traveled through Israel and Palestine, in 1994 and 1995. Although the agreement did not spell out the granting of true freedom, it did create an atmosphere of hope. Palestinians and Israelis, for the first time, got the chance to know each other as potential friends, not enemies. 

But the hopes for peace promised by the Oslo Accords were quickly cut short, in a large part because of the violence committed by Israeli fanatics, which provoked Palestinian outrage and sparked counterviolence. 

After shaking Arafat’s hand, Rabin declared: “We who have fought against you, the Palestinians, we say to you today, in a loud and a clear voice, enough of blood and tears. Enough!” 

He should have directed his words toward his own people, too. On Feb. 25, 1994, just five months after the signing of the Oslo Accords, an American-Israeli doctor, wearing an Israeli military uniform and carrying an automatic weapon, entered the Ibrahimi Mosque in Hebron. He massacred 29 Muslims as they prayed, and wounded 125. 

This massacre, carried out by Benjamin “Baruch” Goldstein, a far-right ultra-Zionist who was overpowered and killed by survivors, prompted a retaliatory wave of suicide bombings by Hamas militants opposed to the peace process. 

They began with an attack at a bus stop in Afula on April 6, 1994, Israel’s Holocaust Memorial Day, in which eight Israelis were killed and 55 injured. It was considered the first suicide attack, although there had been three others, one during the Intifada, on July 6, 1989, the others in April and October 1993. 

On Nov. 4, 1995, a 27-year-old disciple of Benjamin Netanyahu, Yigal Amir, a far-right Israeli religious extremist, assassinated Rabin, shooting him in the arm and back following a peace rally. 

Amir confessed that he killed the Israeli leader because Rabin wanted “to give our country to the Arabs.” Rabin’s widow blamed Netanyahu and Israeli extremists for influencing Amir’s actions. 

And so the peace quickly unraveled. Israeli and Palestinian extremists, both of whom opposed any form of compromise, escalated their violence. Eventually, Ariel Sharon and Netanyahu took control in Israel and quickly peeled back the Oslo promises. 




Israeli Foreign Minister Shimon Peres (C) signs the historic Israel-PLO Oslo Accords on Palestinian autonomy in the occupied territories on September 13, 1993 in a ceremony at the White House in Washington, D.C. AFP

But I will never forget one memory from the time before the hopes were dashed. I was driving with my wife through the Jordan Valley in the summer of 1995 when we arrived at an Israeli checkpoint. The soldiers there handed us a flower and were curious about the idea that a Palestinian and a Jew would marry. 

“You’re the future,” one soldier said to us with a smile. 

It was one of the last smiles I would see on the face of an Israeli soldier.

  • Ray Hanania is an award-winning former Chicago City Hall political reporter. He is a columnist for Arab News and hosts the Ray Hanania Radio Show. 


Saudi Arabia steps up dugong conservation

Saudi Arabia steps up dugong conservation
Updated 6 min 37 sec ago
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Saudi Arabia steps up dugong conservation

Saudi Arabia steps up dugong conservation
  • Found in the country’s warm coastal waters, the species is considered an important marker of the health and stability of marine ecosystems
  • During Saudi Arabia’s Environment Week, the dugong featured prominently in events

RIYADH: The dugong, or Dugong dugon, a marine mammal classified as vulnerable, remains a key indicator of marine biodiversity in Saudi Arabia. 

Found in the country’s warm coastal waters, the species is considered an important marker of the health and stability of marine ecosystems, the Saudi Press Agency reported. 

During Saudi Arabia’s Environment Week, the dugong featured prominently in events, drawing attention to ongoing conservation efforts and the responsibilities shared by researchers, environmental advocates, and policymakers.

The National Center for Wildlife is leading initiatives to protect the dugong from further population decline. These efforts by the center include satellite tracking and scientific research to monitor its distribution in Saudi Arabia’s territorial waters. 

Additionally, national plans are in place to manage and rehabilitate the species’ natural habitats, supporting long-term sustainability and the conditions necessary for dugong reproduction and survival. 

On the international front, Saudi Arabia continues to strengthen global cooperation in marine conservation. 

In 2013, the Kingdom signed an agreement to protect dugongs and their habitats and has taken part in initiatives such as the Pacific Year of the Dugong, launched in 2011.

Throughout Environment Week, the center presented recent studies and carried out public outreach activities. 

Educational programs were provided to students, visitors, and marine life enthusiasts, emphasizing the dugong’s ecological role and the importance of preserving its habitat.

The center also showcased modern tracking technologies used to study the species and its movements, the SPA reported.


Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
Updated 13 min 46 sec ago
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Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
  • PM’s focal person for polio eradication, Ayesha Raza Farooq, meets IsDB delegation in Islamabad
  • IsDB is one of largest financiers of Pakistan’s anti-polio program, announced $587 million loan in 2023

ISLAMABAD: Pakistani prime minister’s aide on polio eradication, Ayesha Raza Farooq, on Tuesday acknowledged the Islamic Development Bank’s (IsDB) financial and strategic contributions to sustain its anti-polio program in the country. 

The IsDB has contributed over $587 million to eradicate poliovirus from Pakistan since 2013, making it one of the largest financiers of the country’s anti-polio program. It announced a loan of $100 million in December 2023 to support Pakistan’s polio eradication efforts. 

Farooq met a high-level delegation of the IsDB’s Regional Hub in Turkiye at the National Emergency Operations Center (NEOC) in Islamabad on Tuesday, the Pakistan Polio Eradication Programme said. 

“The Islamic Development Bank has been a pillar of strength for the Pakistan Polio Eradication Programme, especially during its most challenging phases,” Farooq was quoted as saying by Pakistan’s anti-polio program. 

“Your financial and strategic contributions have been instrumental in sustaining the program and ensuring that vaccination campaigns reach the most vulnerable children across the country.”

Pakistan is only one of two countries worldwide where polio remains endemic. The Pakistani government launched a seven-day nationwide campaign on Monday to vaccinate over 45 million children against the disease. 

Dr. Walid Mohamad Abdelwahab, director of the IsDB’s regional hub in Turkiye, reaffirmed the institution’s support for Pakistan in achieving a polio-free future, the statement said. He commended Pakistan for its efforts and collaboration in the fight against polio, it added. 

The delegation briefly visited the NEOC control room following the meeting, where they were informed about the national reach of the campaign. The IsDB delegation was told the campaign would cover over 45.4 million children through the efforts of more than 400,000 frontline health workers via door-to-door vaccinations.

“IsDB commended the Government of Pakistan’s relentless efforts and reaffirmed its support in reaching the last mile of polio eradication,” Pakistan’s anti-polio program said.

In 2024, Pakistan reported an alarming 74 polio cases. The country’s polio program, launched in 1994, has faced persistent challenges including vaccine misinformation and resistance from some religious hard-liners, who claim immunization is a foreign conspiracy to sterilize Muslim children or a guise for Western espionage. 

Militant groups have also repeatedly targeted and killed polio vaccination workers during nationwide drives.


Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 
Updated 16 min 26 sec ago
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Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

RIYADH: Saudi Arabia has overtaken Singapore as the premier destination for venture capital funds across emerging markets after it secured $391 million in the first quarter of 2025.

The 53 percent year-on-year rise helped propel the Kingdom to becoming the highest-performing country across the Middle East, Africa, Pakistan, Turkiye, and Southeast Asia in terms of total funding during the three-month period, as revealed in the latest analysis by venture data platform MAGNiTT. 

While the standout $160 million series E round by fintech unicorn Tabby contributed significantly to the overall figure, the broader investment ecosystem showed resilience with non-MEGA deal funding, which are transactions below $100 million, rising 9 percent quarter-on-quarter. 

“This consistency signals a strengthening pipeline backed by sovereign LPs (limited partners) like SVC (Saudi Venture Capital), a growing cohort of accelerators, and successful exits like Rasan’s IPO (initial public offering),” according to MAGNiTT’s report. 

Saudi Arabia leads MENA funding and deal activity 

Saudi Arabia led the EVMs and continued its dominance in the Middle East and North Africa region. 

The Kingdom captured 58 percent of all MENA venture funding and accounted for 41 percent of transactions, far outpacing regional peers. 

According to MAGNiTT, the Kingdom achieved an 87 percent year-on-year increase in non-mega deal funding and a 437 percent rise in series A and B rounds, supported by sizable transactions such as those by Ula.me and Merit Incentives, each raising $28 million. 

The rise in Saudi venture capital investment comes amid a broader rebound in the MENA region. 

Total funding across MENA reached $678 million in the first quarter of 2025, a 58 percent increase year on year, despite a 21 percent decline in deal count to 133 transactions. 

The surge was supported by improved investor sentiment following late 2024 interest rate cuts across the Gulf, along with sustained sovereign fund activity and flagship ecosystem initiatives such as LEAP 2025. 

In terms of historical share, Saudi Arabia’s ascent has been significant. It expanded its share of MENA venture funding to 58 percent in the first quarter of the year, up from 39 percent in 2024 and 51 percent in 2023. 

This upward trajectory has positioned the Kingdom as the central engine of regional VC activity, reversing a period during which the UAE held the lead. 

The ecosystem shift also reflects a structural change in capital allocation. The first quarter saw non-mega deals rise for the fourth consecutive quarter, and early-stage investments in series A and B rounds increased by 50 percent quarter-on-quarter. 

In contrast, Southeast Asia reported its weakest early-stage quarter in seven years, with Singapore’s funding falling by 61 percent year on year to $377 million. 

The gap signals a shift in global investor preference as capital increasingly flows toward markets like Saudi Arabia, where macroeconomic stability, proactive policy, and institutional backing provide a conducive environment for venture growth. 

With 54 deals completed, the Kingdom reported the smallest year-on-year decline in deal count among the region’s top three markets, supported by a robust early-stage pipeline. 

Fintech dominates sector activity 

Fintech remained the most active and well-funded sector across MENA, particularly in Saudi Arabia, contributing 30 percent of all deals and capturing 57 percent of total regional funding. 

The sector saw a 362 percent year-on-year increase in funding, totaling $384 million, driven by Tabby’s $160 million MEGA round and strong underlying demand for digital finance solutions. 

Notably, 35 percent of all fintech deals in the first quarter of 2025 were in the $5 million to $20 million range, up 24 percentage points from the same period last year, demonstrating increasing maturity and scalability across the sector. 

Enterprise Software was the second most transacted and funded vertical, propelled by activity in Saudi Arabia and the UAE, accounting for 75 percent of all sector deals. 

Within this segment, the productivity apps sub-sector achieved record performance with six deals, including Merit Incentives’ $28 million and Qeen.ai’s $10 million rounds. The enterprise category posted a 112 percent annual growth in funding to reach $61 million. 

Saudi Arabia drives top-tier transactions and investor participation 

While deal volume across MENA dropped 21 percent year on year to just 133 transactions — one of the lowest quarterly figures in five years — Saudi Arabia defied the trend, maintaining strong early-stage momentum.

MAGNiTT noted that deal activity in the up to $1 million bracket declined 8 percentage points year on year to just 31 percent, while deals in the $5 million to $20 million and over $20 million brackets saw increases of 4 percentage points and 3 percentage points, respectively. 

This reallocation of capital reflects investors’ growing appetite for scale-ready startups in more advanced funding stages. 

Pre-seed to pre-series A activity in the Kingdom saw a 14 percent increase, highlighting the nation’s strengthening foundation for long-term growth. 

The shift in capital allocation patterns also reinforced Saudi Arabia’s strategic focus. 

The share of deals in the $1 million to $5 million range rose to 46 percent, the highest proportion in five years, mirroring a broader pivot across MENA toward larger, more scalable investment opportunities. 

Simultaneously, the lowest-value ticket size, $0 to $1 million, fell to 31 percent of deals, down 8 percentage points from the previous year. 

Five of the region’s 10 largest deals originated from the Kingdom, including Tabby’s round, the sole mega deal of the quarter, alongside significant rounds by Zension, with $30 million and Merit Incentives. 

According to MAGNiTT, this concentration of large-ticket transactions underscores the depth of investor confidence in the Saudi startup ecosystem.

Investor engagement in the Kingdom was also evident in the breakdown of top deals. The nation hosted more top-10 deals than any other MENA country, with fintech leading as the most represented industry. 

Blue Pool Capital and Hassana Investment Co. emerged as the most prominent backers, jointly deploying an estimated $53.3 million across key transactions, with fintech accounting for four of the top 10 deals. 

Exit environment strengthens on record M&A activity 

Saudi Arabia’s momentum was further underscored by a robust exit environment, with the MENA region recording 21 exits, up 163 percent year on year, marking the strongest quarter for mergers and acquisitions since MAGNiTT began tracking. 

The Kingdom’s IPO pipeline also improved, adding another layer of attractiveness to its startup ecosystem. 

While the regional rebound was attributed to easing inflation, improved liquidity, and pre-US tariff optimism, MAGNiTT emphasized that: “Saudi Arabia’s IPO and M&A momentum are now integral to the region’s exit environment.” 

Despite this surge, the median time to exit via M&A lengthened to six years, up from five in 2024, reflecting continued challenges for early-stage startup liquidity. 

Geopolitical risks introduce uncertainty to venture outlook 

Despite strong regional performance, MAGNiTT highlighted emerging risks that could disrupt momentum. 

“While Q1 2025 was a positive start to the year … that momentum is now under threat,” said Philip Bahoshy, CEO of MAGNiTT. 

He added that the new US tariff policies have created uncertainty in both the public and private markets over the last couple of weeks, which can create a challenge for decision-makers who are likely to be in a risk-off mindset.

“In venture capital, this uncertainty is likely to impact three areas: the deployment of capital from LPs to VCs, VCs’ willingness to make decisions in uncertain times, and finally, startups’ ability to raise funds,” said Bahoshy.

He noted that while global volatility persists, long-term fundamentals in EVMs remain strong. 

“Despite global headwinds, emerging venture markets continue to present compelling long-term opportunities. MENA, in particular, is uniquely positioned for sustained growth thanks to deep pools of local capital, pro-entrepreneurship policy, and active sovereign support,” Bahoshy added. 

“As global investors diversify beyond traditional markets, regions like MENA and Southeast Asia are poised to attract fresh capital — particularly in tech-led sectors that are strategically positioned and less exposed to tariff volatility,” the CEO said.


Bangladesh’s largest private airline starts Riyadh flights as demand grows

Bangladesh’s largest private airline starts Riyadh flights as demand grows
Updated 29 min 20 sec ago
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Bangladesh’s largest private airline starts Riyadh flights as demand grows

Bangladesh’s largest private airline starts Riyadh flights as demand grows
  • US-Bangla Airlines offers 5 weekly flights on Dhaka–Riyadh route
  • First private Bangladeshi carrier to operate flights to the Kingdom

DHAKA: US-Bangla Airlines, the largest airline in Bangladesh by fleet size, has launched direct flights from Dhaka to Riyadh amid increasing demand for travel to Saudi Arabia.

The inaugural flight from Hazrat Shahjalal International Airport to King Khalid International Airport took off on Monday, with 423 passengers on board.

The flights will run five times a week on an Airbus 330 aircraft, with plans to gradually expand to daily service.

“Today, also, we are flying with full occupancy. There is always demand for destinations in the Middle East,” Kamrul Islam, the carrier’s general manager for public relations, told Arab News on Tuesday.

“We are receiving very good responses from the passengers ... The route will soon be served by daily flights.”

The airline is tapping into the growing market for Middle East travel. Flights to Saudi Arabia have been too few to accommodate the needs of some 3 million Bangladeshi workers in the Kingdom and hundreds of thousands of people traveling for the annual Hajj and Umrah pilgrimages.

In August last year, it launched daily flights to Jeddah, becoming the first — and so far the only — private Bangladeshi airline to fly to the Kingdom.

“Our aim is to start flight operations gradually in all the destinations where Bangladeshi migrants live,” Islam said.

“In the near future, we are planning to begin flight operations to Dammam and Madinah. Our plan is to begin these flights by the next year. It takes six to seven months of preparations to launch a new station.”

Founded in 2010, US-Bangla Airlines started as a domestic carrier and has lately expanded its routes to go international. The Riyadh route marks the airline’s 14th international destination and sixth in the Middle East.

“Every destination in the Middle East is a base for Bangladeshi migrants,” Islam said.

“We are currently operating also to other places in the region, like Dubai, Sharjah, Abu Dhabi, Muscat, and Doha.”

With its latest acquisition of new Airbus A330 and Boeing 737 aircraft last year, the carrier has become the largest airline in Bangladesh by fleet size.

With the additions, the US-Bangla fleet now consists of 24 aircraft, while the national flag carrier Biman has 21.


Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures

Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures
Updated 33 min 29 sec ago
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Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures

Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures
  • Pakistan’s government mulling options which range from importing crude oil from the US to abolishing tariffs on American imports
  • Islamabad is trying to appease the US to seek reprieve from the 29 percent reciprocal tariffs imposed by President Donald Trump last month

ISLAMABAD: Finance Minister Muhammad Aurangzeb told Bloomberg this week Pakistan is looking to buy more goods from the US and remove non-tariffs barriers to escape President Donald Trump’s high tariffs.

Pakistan’s government is mulling options, which range from importing crude oil from the US to abolishing tariffs on American imports, as Islamabad attempts to offset a trade imbalance that has triggered higher tariffs from Washington. 

“It’s a bigger canvas that we are looking at in terms of engaging the US,” Aurangzeb said in an interview with Bloomberg News on Monday ahead of the IMF-World Bank spring meetings in Washington. “We will constructively engage, and we will have a formal delegation coming in.”

Pakistan is looking to buy more cotton and soybean from the US, the finance chief said, adding that it is also in talks to tear down non-trade barriers to open its markets to more US products.

“We can also look at if there are any issues with respect to non-tariff discussion, whether there are any onerous inspections at our end for US products, we can obviously view that.”

Islamabad is trying to appease the US to seek reprieve from the 29 percent reciprocal tariffs imposed by Trump. While those levies are on hold until July, Pakistan has said it will send a trade delegation to Washington in the coming months to bridge the trade gap. 

The US is Pakistan’s largest export market with over $5 billion in annual exports as of 2024, while Pakistan’s imports from the US are about $2.1 billion.

The finance minister said the country is also open to foreign direct investments from US firms in its recently opened minerals and mining sectors.

Aurangzeb, a close aide of Prime Minister Shehbaz Sharif, is in the US for a nearly week-long trip to participate in the Spring Meetings of the International Monetary Fund and the World Bank. The former JPMorgan Chase & Co. banker said that the crisis-ridden nation will tap the international capital markets to secure more funds for a sustainable growth.

“What we are looking for is how we get away from a boom-and-bust cycle which Pakistan has gone through and get on to a sustainable growth path,” he told Bloomberg. 

Pakistan is preparing to debut its first-ever Panda bond in the range of $200 million to $250 million that will likely take place in the fourth quarter of this year, the minister added.

Authorities are trying to rebuild Pakistan’s tattered economy after it came close to a default in 2023. Last month, the South Asian nation won an initial nod for a $2.3 billion IMF loan that will give it funding visibility until 2027. 

Last week, Fitch upgraded Pakistan’s credit rating, citing confidence that the South Asian country will be able to sustain reforms under the IMF loan program.