<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We assess the potential impact of the Pak-Afghan border
closure and the resulting suspension of trade if the situation persists through
the remainder of CY25. Trade between the two countries has been halted since
October 10th amid border tensions, despite several rounds of talks.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We believe resolving the trade suspension is critical for
both countries, especially Afghanistan, which relies on Pakistan for 41% of its
exports and 14% of its direct imports, excluding transit trade.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">While overall impact on Pakistan trade remains insignificant
(0.5% or ~US$150mn loss o...
