Pakistan, US remain committed to expanding ties

TIFA Council meetings conclude, encompassed agenda related to trade ties

ISLAMABAD: Pakistan and the United States remain committed to working together to expand bilateral and investment ties, aimed at tapping potential on both sides.

The statement was made in a joint communiqué by US Trade Representative Michael B Froman and Pakistan Minister for Commerce Khurram Dastgir Khan at the end of the co-hosted 8th annual US-Pakistan Trade and Investment Framework Agreement (TIFA) Council meeting held this week.



Both sides, reiterating October 2015 statements made by Prime Minister Nawaz Sharif and President Barack Obama, emphasised on working with the private sector to expand trade ties, as part of an enduring, multifaceted bilateral relationship. This, they noted, was in the interest of both countries and their business communities.

Froman commended Pakistan on its progress in implementing the economic reform programme that had stabilised its economy, and pledged continued US cooperation in Pakistan’s reform and business climate agenda going forward.



The TIFA Council meeting also included discussion of investment climate issues, consultations on agricultural imports and exports, and clarification of Pakistani tax and tariffs policy including the phasing-out of Statutory Regulatory Orders (SROs), which affect imports.

Pakistan renewed its request for better US market access, especially for its apparel industry. The US hosted a GSP outreach event with Pakistani business associations immediately following the TIFA Council meeting to increase awareness of the US GSP programme among Pakistani exporters.



More broadly, the TIFA Council meetings encompassed a wide agenda related to market access and proposals to increase bilateral trade and investment. The two delegations finalised the 2016-2017 work plan on the 5-year Augmented Joint Action Plan to Expand Bilateral Trade and Investment - announced during the visit of Prime Minister Nawaz Sharif during his meeting with President Obama in late 2015 - the continued implementation of which will comprise the bulk of the TIFA Council’s work over the next twelve months.

Both sides also agreed to convene the next TIFA Council meeting in the US in 2017. Since the launch of the TIFA (in 2003), US-Pakistan bilateral trade has grown by over 50%. The United States is Pakistan’s largest country export destination and one of its largest sources of foreign direct investment.

Published in The Express Tribune, October 21^st, 2016.

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