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Pakistan pitches port on Arabian Sea to US; eye on minerals hub development: Report – The Times of India
Advisers to Pakistan’s military chief, Asim Munir, have reportedly approached US officials with a proposal to construct and operate a port at Pasni on the Arabian Sea, offering Washington a strategic presence in a geopolitically sensitive region. According to the Financial Times, the plan envisages transforming Pasni—a small fishing town—into a hub for transporting Pakistan’s critical minerals, including copper and antimony, essential for batteries, fire-retardant materials, and missile production. The town lies about 100 miles from Iran and 70 miles from Gwadar, where China operates a major port facility. The initiative, which is not official government policy, was reportedly shared with Munir ahead of his White House meeting with President Donald Trump last month. However, a senior Trump administration official clarified that the proposal had not reached the president or his advisers for discussion. The port plan forms part of a broader push by Pakistani officials to strengthen ties with the Trump administration. Other initiatives include collaboration on a Trump-backed cryptocurrency project, deeper cooperation against the Afghanistan-based militant group Isis-K, support for his Gaza peace plan, and access to critical minerals. US and Pakistani diplomats have described the relationship between Munir and Trump as “a bromance” since the president claimed credit in May for brokering a ceasefire between Pakistan and India. Over the summer, US-India relations have cooled, while Munir and Prime Minister Shehbaz Sharif publicly thanked Trump and even nominated him for the Nobel Peace Prize. Following their recent meeting, the White House released photographs showing Munir and Sharif presenting Trump with mineral samples. The Pasni port blueprint includes a railway to transport minerals from Pakistan’s interior, connecting to mines such as Reko Diq, developed by Canada’s Barrick Mining. The project’s estimated cost is $1.2 billion, with proposed funding from a mix of Pakistani federal and US-backed development finance. Supporters say the plan would diversify Pakistan’s strategic options while balancing relations with China, the US, Iran, and Saudi Arabia, following a recent security pact with Riyadh. The blueprint stated, “Pasni’s proximity to Iran and Central Asia enhances US options for trade and security. Engagement at Pasni would counterbalance Gwadar and expand US influence in the Arabian Sea and Central Asia.” It also flagged potential dual-use concerns at China’s Gwadar port under the Belt and Road Initiative, alluding to fears it could serve as a naval base, a claim denied by Islamabad and Beijing. The plan specifies no “direct basing,” meaning the port would not host US military installations. Pakistan has historically been a close US ally, first during the Cold War and then after the 9/11 attacks, but relations frayed due to Islamabad’s support for the Taliban in Afghanistan. One adviser, quoted by FT, said, “I’ve been telling our leaders we need to diversify from China. We don’t need to consult the Chinese as it’s outside the Gwadar concession.” Missouri-based US Strategic Metals (USSM) has shown early interest, signing a memorandum of understanding in September with Pakistan’s military engineering corps. USSM commercial director Mike Hollomon said, “In our conversations with the field marshal, he stressed that Pakistan has been an ally of the US for a long time and minerals is a way to rekindle a dormant friendship.” Late last month, Pakistan shipped a small first consignment of fewer than two tonnes of critical minerals, including copper, antimony, and neodymium, to USSM. The minerals sector currently accounts for about 3 per cent of Pakistan’s GDP, with large untapped reserves in insurgency-hit western provinces. Hussain Abidi, chair of the Pakistan Council of Scientific and Industrial Research, described the initiative as, “This is a reset with America through economic ties rather than just the traditional security ties.”
Business
‘A win-win for both nations!’ Three-day India-US trade talks to begin this week – The Times of India
India and the United States are set to resume trade talks this week, taking a “great step to finalize” the proposed agreement. Taking to social media platform X, US Ambassador to India Sergio Gor said “The Indian trade delegation will be arriving in Washington this week. A great step to finalize our bilateral trade deal. A win-win for both nations!”This week, a delegation of around a dozen officials will be travelling from New Delhi to Washington for discussions on the first phase of the proposed bilateral trade agreement (BTA). The talks are scheduled from April 20 to 22 and will be led by India’s chief negotiator Darpan Jain, additional secretary in the department of commerce. The team will also include officials from the customs department and the ministry of external affairs.The negotiations come against the backdrop of recent changes in the US tariff system, prompting both sides to revisit parts of the trade agreement finalised earlier this year and released on February 7.A key development was the US Supreme Court striking down reciprocal tariffs imposed under the 1977 International Emergency Economic Powers Act. Following this, the US administration introduced a temporary flat 10% tariff on all countries for 150 days from February 24.These changes led to the postponement of a planned February meeting between the chief negotiators. The rescheduled talks in Washington will now proceed under the revised tariff framework.Alongside tariff issues, the discussions are also expected to cover two investigations initiated by the US Trade Representative under Section 301 of its trade law. India has refuted the allegations and is seeking withdrawal of the probes, arguing that the initiation notices do not provide adequate justification.
Business
Oil prices jump after Trump says Iranian ship seized
Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February.
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Gold prices in Pakistan Today – April 20, 2026 | The Express Tribune
Gold and silver prices declined in both international and domestic markets, reflecting a broader downward trend in precious metals.
In the international bullion market, the price of gold fell by $49 per ounce, settling at $4,788.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), in the local market, gold prices also recorded a significant drop. The price per tola decreased by Rs4,900 to reach Rs501,162. Similarly, the price of 10 grams of gold declined by Rs4,201, settling at Rs429,665.
Silver prices also followed a downward trajectory. The price per tola of silver fell by Rs145 to Rs8,417 while the price of 10 grams of silver dropped by Rs124, reaching Rs7,216.
Read More: Gold, silver prices rise again in local and international markets
Gold and silver prices recorded an increase on Saturday in both international and local markets after declining on Friday, following a three-day upward trend in global and domestic markets.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), in the international bullion market, the price of gold rose by $45 per ounce to reach $4,837. In the local market, the price of gold per tola increased by Rs4,500 to Rs506,062, while the rate for 10 grams rose by Rs3,858 to Rs433,866.
Silver prices also moved higher, with the per tola rate increasing by Rs118 to Rs8,562. Similarly, the price of silver per 10 grams rose by Rs101 to Rs7,340.
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