Top officials from the United States and Pakistan, including Federal Minister for Finance and Revenue Muhammad Aurangzeb, engaged in crucial talks on Tuesday to explore the establishment of a commodities market in Pakistan. The discussions were held during a meeting between Aurangzeb and Kevin Piccoli, Deputy Director in the Office of International Affairs at the U.S. Commodity Futures Trading Commission (CFTC), according to a statement released by the Finance Division.
The meeting was also attended by Chairman of the Securities and Exchange Commission of Pakistan (SECP), Akif Saeed, senior officials from the Finance Division, and representatives from the U.S. Embassy in Pakistan.
The talks focused on the vital role of the agricultural commodities market and the collaboration between SECP and CFTC. This collaboration aims to facilitate a series of ongoing capacity-building training sessions, targeting the development of a well-regulated and functional commodities futures market in Pakistan.
Federal Minister Aurangzeb emphasized the importance of this initiative, highlighting agriculture’s significant role in Pakistan’s economy, particularly its contribution to the country’s GDP. He stressed that agriculture and information technology are the backbone of Pakistan’s economy and are crucial levers for economic growth.
Aurangzeb noted that Pakistan’s economy grew by 2.38% in FY2024, with agriculture being a key driver, showing an impressive growth of 6.25% due to the double-digit increase in major crop outputs. He added that both the agriculture and IT sectors are predominantly driven by domestic factors, and their consistent growth is a positive sign for the national economy, especially given their export potential.
