The 40-year-old former pacer, who was roped in by the Pakistan Cricket Board as bowling and fielding coach for the upcoming tour of Australia later this month, said Pakistan have a world class pace attack in the form of Mohammad Asif, Mohammad Aamir and Umar Gul to deliver.
"I believe we have a team that is capable of beating Australia for the first time in a Test series. Australia is definitely beatable at the moment, but this will take a lot of hard work and commitment from our players," Waqar said.
"Our bowling is fine, but it was the fielding department, where we are weak and need to show lot of improvement. That is something I want to work on very closely with the players," he said.
Waqar is due to meet the Pakistani players in Napier on Friday, Day 1 of the third Test against New Zealand.
The Sydney-based Waqar said he is excited about the role given to him for the tour of Australia.
"Presently my assignment is only for the Australian tour after which I will sit down with the board officials and discuss my future plans with them," Waqar said.
The former Test captain, who retired in 2003, said the tour is not going to be easy, adding the Aussies are one of the toughest to beat.
He said it would be a great learning experience for those who will tour Australia for the first time.
"You do well in Australia and you reach the top of the world," he added.
He felt team will certainly miss the services of former captain Younus Khan.
"He has a great record in Australia and his experience and batting skills are invaluable. But we have to manage without him now."
Pakistan pacer Asif returns home from Dubai
Germany face Australia in Champions Trophy final
Australia rally to clinch Champions Trophy final
Katich misses ton as Australia dominate Windies
Yousuf to lead Pakistan against New Zealand