ISLAMABAD: Bilateral trade between Pakistan and the United States (US) surpassed $10 billion last year, acting US Chargé d’Affaires Andy Halus said on Thursday, as Washington explored ways to enhance investment and business ties with Islamabad at a two-day event.

Pakistan has sought to enhance its economic ties with Washington in recent years, especially under the second Donald Trump administration, is its ties with Washington improve. Islamabad has eyed economic stabilization by attracting stronger trade, investment and economic opportunities from regional and traditional allies after securing a $7 billion International Monetary Fund loan program last year.

Halus was speaking at the “Pakistan-US Alumni Network (PUAN) Economic Policy Challenge,” a two-day, case-based competition held by the US embassy in Islamabad. The event brought together experts who explored ways for Pakistan to build a more competitive, prosperous and globally integrated economy.

“Bilateral trade between our countries reached over $10 billion last year, and the United States remains Pakistan’s largest single-country export market,” Halus said.

The event featured 70 PUAN alumni participants from across Pakistan, as well as six others who traveled from Bangladesh, the Maldives, Nepal, and Sri Lanka to participate in the challenge.

The teams addressed complex economic policy challenges, such as attracting US investment, improving Pakistan’s global brand, global capital allocation, securing an affordable energy future and rationalizing the tax system.

The alumni teams also deliberated on how to strengthen institutional safeguards for foreign investment, with participants presenting their recommendations to a panel of senior stakeholders, the embassy said in a statement.

The US envoy said the challenge enabled participants to develop practical recommendations for building a prosperous and globally integrated Pakistani economy.

“We are proud of how the core values of the United States influence the future for the better,” Halus said.

Pakistan has eagerly attempted to draw foreign investment as it hopes to achieve macroeconomic stability and sustainable growth in the coming years. In 2023, Pakistan constituted the Special Investment Facilitation Council (SIFC), a one-window platform to streamline approvals and facilitate foreign investment.