Realistic Change
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Pakistan handled its diplomatic relations with the US very poorly. This is the shortest answer for the issue at hand.
US considered the entire subcontinent in its strategic calculus but Pakistan somehow felt that US would gravitate only towards Pakistan in the region and show a middle finger to India.
Can we realistically expect a foreign entity to show a middle finger to India due to regional issue of Kashmir? This is a shortsighted assumption. Even China cannot ignore India in its strategic calculus forever. India is a huge market for investment and economics take precedence over resolution of regional disputes for a foreign entity. US has refused to pick sides on Kashmir because it does not wants to alienate one stakeholder for the sake of other.
US can offer significant investment package to Pakistan but US-Pak relationship is very limited in its scope; mostly Pakistani military establishment have been the chief beneficiary of this relationship. People-to-people level contact is almost absent. On top of this issues like political instability, corruption, terrorism and negative portrayal of US in Pakistan are not helping the situation. Investment comes when the relations between two states adopt a positive tone.
Keeping US at arms length does not bodes well for Pakistan actually; US has a presence in Afghanistan and Pakistan cannot ignore this matter.
And no! US does not needs Pakistan anymore than Pakistan needs US. This is apparent from the fact that even CPEC have not turned heads in the US vis-a-vis Pakistan. Harboring an inflated sense of self-worth have led us astray and Pakistan's near irrelevance in the global Islamic counter-terrorism summit is an eye-opener.
A senior officer in Foreign Office in Islamabad quipped "I don't know what Pak got out of this summit - even just for mere optics; it was a disaster."
But PMLN fanboys will make this debacle as PMLN vs PPP or PTI, It's not - it's a failure of PMLN's Govt., and responsibility cannot be shifted on to any other arm.