Robust trade ties with Pakistan vital: US

Price says Pakistani industries, consumers to benefit from commerce

WASHINGTON:

As Pakistan and the US concluded the ninth meeting of the Trade and Investment Framework Agreements (TIFAs), the State Department said that a robust trade relationship between the two countries was more important than ever to bolster the latter’s economic stability as it recovers from last year's devastating floods.

Spokesperson Ned Price made the remarks in response to a question at his weekly press briefing. He said that the TIFA council “exemplifies our commitment to deepening our economic and commercial ties with Pakistan”.

“We believe that a robust trade relationship between the United States and Pakistan is more important than ever to bolster Pakistan’s economic stability as it recovers from devastating floods, while at the same time also providing an opportunity to Americans and to American businesses in this country, exposing them to new markets – Pakistani markets in this case,” added Price.

The spokesperson furthered that the US’ trade relationship with Pakistan has helped both Pakistani industries and consumers, adding that “there is great potential to expand bilateral trade with Pakistan further, particularly in energy, agricultural equipment and products, franchising, retail trade, information and communications technology products and services”.

Price also stated that the US has been a leading investor in Pakistan for the past two decades and that investments have increased by some 50 per cent.

“US investment in Pakistan is the highest it’s been in over a decade, and US corporations have announced more than $1.5 billion in investment plans in Pakistan since 2019. US companies and their local affiliates, moreover, are among Pakistan’s largest employers, with roughly 80 US companies directly employing more than 120,000 Pakistanis,” he added.

Meanwhile, the TIFA meeting was co-chaired by US Trade representative Katherine Tai and Minister for Commerce Syed Naveed Qamar, according to a joint press statement issued at the conclusion of discussions.

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Both the sides discussed issues and concerns related to agriculture, digital trade, intellectual property protection, enforcement, labour rights, good regulatory practices, and women's economic empowerment.

They decided to increase dialogue on these sectors to deepen the bilateral economic relationship and promote the prosperity of working people in both the countries.

Recognising the importance of agricultural and digital trade to the economic relationship, the concerned officials were directed to intensify engagement in these areas in advance of the next TIFA Council meeting.

The US appreciated Pakistan's efforts in improving workers' rights, protections and strengthening its intellectual property regime.  Both sides affirmed the importance of an effective IP regime, achieving high labour standards, and following good regulatory practices.

The US welcomed the substantive conclusion of technical work on market access for beef from the US, and both the sides noted that work to operationalize this arrangement would be expedited.