Monitoring Desk
ISLAMABAD/WASHINGTON: Commerce Minister Syed Naveed Qamar has welcomed the resumption of the Pakistan-US Trade Investment Framework Agreement (TIFA) ministerial meeting after a hiatus of almost eight years, terming it ‘critical’ in strengthening bilateral trade ties. Naveed Qamar met with US Special Representative for Commercial and Business Affairs Dilawar Syed at the Pakistan embassy in Washington to discuss ways to enhance bilateral trade between the two countries.
Dilawar was accompanied by Elizabeth Horst, Principal Deputy Assistant Secretary and Deputy Assistant Secretary for Pakistan, Brian J. McGrath, and Jeff Rubenstein while Ambassador Masood Khan, Secretary of Commerce Muhammad Sualeh Ahmad Faruqui, Minister (Trade) Azmat Mahmood, and Secretary BOI Asad Gilani assisted the commerce minister. The commerce minister is in Washington, DC, to participate in the TIFA ministerial meeting, which will be held on Friday (tomorrow). The last TIFA meeting was held in Islamabad in 2016.
Issues related to foreign direct investments in Pakistan, Pak-US bilateral trade, Pakistan’s exports to the United States, and business operations of US companies working in the country were discussed during the meeting. Regulatory and operational issues were discussed.
The commerce minister predicted that “the momentum being produced with the resumption of these important talks will lead to a breakthrough in achieving trade potential between the two countries.”
Naveed Qamar noted that the two countries bilateral trade volume was about $12 billion and claimed that, given the size of the US economy, the sizeable and vibrant middle class in Pakistan, and the youth bulge, the current trade figures did not accurately represent the true potential between the two nations.
He said Pakistan was looking forward to more engagement, particularly in technology, agriculture, and other industries. Dilawar Syed said significant opportunities were available ‘in a massive and healthy market’ to enhance bilateral trade.
In her remarks, Elizabeth Horst stated that the United States wanted the Pak-US relationship to grow further. Discussing trade-related operational issues, it was decided to appoint a focal person on both sides, to prioritize, coordinate and ensure the removal of impediments for the smooth functioning of the businesses.
The commerce minister also raised the issue of exporting Pakistani mangoes to the United States with a US special representative and called for early finalisation of mechanisms to facilitate larger exports of mangoes to the country. The two sides hoped the TIFA meeting would boost trade ties and strengthen Pak-US relations, which is the hallmark of strong economic sinews and currency.
