WASHINGTON: Commerce Minister Syed Naveed Qamar has welcomed the resumption of Pakistan-US Trade Investment Framework Agreement (TIFA) ministerial meeting after a gap of almost 8 years, as it is the centerpiece of Pakistan-US relations and the bilateral trade relations. Declared ‘important’ to increase. .
The Federal Minister met US Special Representative for Trade and Business Affairs Dilawar Syed at Pakistan Embassy in Washington to discuss ways and means of increasing Pakistan-US bilateral trade.
Dilawar Syed was accompanied by Elizabeth Horst, Principal Deputy Assistant Secretary and Deputy Assistant Secretary for Pakistan, Brian J. McGrath and Jeff Rubinstein. Ambassador Masood Khan, Commerce Secretary Mohammad Saleh Ahmad Farooqui, BOI Secretary Asad Gilani and Commerce Minister Azmat Mehmood assisted the Commerce Minister.
The Commerce Minister is visiting Washington DC to attend the TIFA Ministerial Meeting which will be held tomorrow. The last ministerial meeting of TIFA was held in Islamabad in 2016.
In the meeting, Pakistan-US bilateral trade, foreign direct investment in Pakistan, business operations of American companies operating in the country and Pakistan’s exports to the US were discussed. Operational and regulatory issues were also discussed.
“The momentum created by the resumption of these high-level talks will realize the trade potential between the two countries,” the commerce minister said.
Naveed Qamar said that the current trade figures do not reflect the true potential between the two countries, with the size of the US economy and a large and dynamic middle in Pakistan, citing a bilateral trade volume of around $12 billion. Class and youth bulge keeping in mind the big market. He said that Pakistan is looking forward to wider interaction especially in IT, tech, agriculture and other sectors.
U.S. Special Representative for Trade and Business Affairs Dilawar Syed said there are significant opportunities to expand bilateral trade “in a broad and healthy market.”
Principal Deputy Assistant Secretary and Deputy Assistant Secretary for Pakistan Elizabeth Horst said in her remarks that the US wants to further promote Pakistan-US relations.
While discussing the operational issues related to the trade, it was decided to appoint a focal person on both sides, to prioritize, coordinate and ensure the removal of bottlenecks for the smooth functioning of the business.
The minister also raised the issue of export of Pakistani mangoes to the US with the US Special Envoy and urged to finalize the mechanism to facilitate maximum export of mangoes to the US.
Both sides expressed the hope that the TIFA meeting will act as a catalyst in promoting trade relations and further strengthening Pak-US relations, which are a symbol of strong economic and currency.
