Islamabad: Pakistan and the United States have formally launched a strategic economic initiative, focusing on the collaboration with the U.S. General Services Administration concerning the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New York. This engagement was negotiated by U.S. Special Envoy Steve Witkoff under the leadership of President Donald J. Trump.

According to Radio Pakistan, both governments have signed a Memorandum of Understanding (MoU) formalizing their cooperation in this venture. The MoU was signed by GSA Administrator Edward C. Forst on behalf of the United States and Finance Minister Muhammad Aurangzeb on behalf of Pakistan, with Prime Minister Mian Shehbaz Sharif and United States Special Envoy Steve Witkoff as witnesses.

The agreement establishes a structured, time-bound framework for the joint evaluation of technical, commercial, and economic parameters, indicating a shared commitment to transparent and disciplined progress. Given the Roosevelt Hotel's prime location in Manhattan and the complexities involved with New York's zoning and municipal processes, the institutional coordination aims to mitigate execution risks, enhance regulatory clarity, and maximize transaction value.

This framework aligns with international practices for cross-border real estate and infrastructure projects. The objective is to secure maximum value for the property in line with the government's privatization strategy while simultaneously strengthening economic ties between Pakistan and the United States.