Aurangzeb holds talks with Alibaba, UN and ITFC on trade, financing

Pakistan’s Finance Minister Muhammad Aurangzeb held separate meetings with Alibaba International Digital Commerce (AIDC), the United Nations and the International Islamic Trade Finance Corporation (ITFC) on the sidelines of the World Bank Group-IMF annual meetings in Bangkok.

The talks covered digital economy cooperation, development financing and export growth.

What did Aurangzeb discuss with Alibaba?

Aurangzeb discussed digital payments, a transition towards a cashless economy and transparent delivery of social protection payments and targeted subsidies with AIDC, according to a Finance Division statement. He also invited proposals to rationalize e-commerce taxation while ensuring fairness and broadening participation in the tax system.

He appreciated Alibaba’s support for small and medium-sized enterprises (SMEs), local brands and exports through Daraz and Alibaba.com. The two sides discussed accelerating development of the Pakistan Single Window e-commerce platform, improving the tracking of cross-border payments and export proceeds, and expanding cooperation in cloud infrastructure, artificial intelligence and tax administration.

The discussions also covered integrated data systems, cybersecurity, institutional capacity-building, modernization of Pakistan Post’s sorting operations and opportunities to expand agricultural exports to China through Alibaba’s retail network.

What did Aurangzeb discuss with the UN deputy secretary-general?

In a separate meeting with United Nations Deputy Secretary-General Amina J. Mohammed, Aurangzeb discussed strengthening the Borrowers’ Forum through peer learning, continuity in governance and an effective virtual secretariat. He emphasized the need to strengthen the voice of the Global South and make international financial institutions more responsive to the needs of developing countries, the Finance Division said.

The two sides discussed financing requirements for the Sustainable Development Goals, poverty reduction, social protection and decent jobs. They also reviewed climate financing gaps and the need to simplify access to climate funds.

Both highlighted the importance of building institutional capacity to prepare bankable projects and expanding local-currency financing to reduce exchange-rate risks while preserving accountability in domestic policymaking. Aurangzeb also thanked Mohammed for acknowledging Pakistan’s mediation efforts during the recent US-Iran crisis, according to the statement.

What did Aurangzeb discuss with ITFC on financing and exports?

In another meeting, Aurangzeb met Engineer Adeeb Y. Al Aama, chief executive officer of ITFC, to discuss financing cooperation and trade development. The finance minister highlighted Pakistan’s economic progress, improved foreign exchange reserves and renewed access to international capital markets.

The two sides reviewed the remaining financing tranche and discussed adjusting borrowing costs in line with improved market conditions. Their technical teams will explore possible changes to pricing and financing volumes to reach a mutually acceptable arrangement, the Finance Division said. Aurangzeb also outlined efforts to replace costly, short-term borrowing with longer-maturity financing without increasing external debt.

Discussions further covered digital product passports to support Pakistan’s textile exports to the European Union and single-window connectivity to facilitate trade with the Association of Southeast Asian Nations (ASEAN). Both sides reaffirmed their long-term partnership and commitment to enhancing Pakistan’s export competitiveness.