Pakistan, US officials engage to improve trade and investment

Pakistan and the United States convened an intersessional meeting under the Trade and Investment Framework Agreement (TIFA), according to a statement released on Thursday.

Officials from both nations deliberated on a wide array of areas aimed at enhancing the trade and investment relationship.

According to Acting US Mission Spokesperson Thomas Montgomery, discussions encompassed various aspects including good regulatory practices, digital trade, protection of intellectual property, women’s economic empowerment, labour rights, textiles, investment, and agricultural issues.

Noteworthy progress was made particularly in facilitating access for US biotechnology products and beef within Pakistan.

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This meeting comes in the wake of a recent visit by Finance Minister Muhammad Aurengzeb to the United States.

Montgomery said in the statement, “Engagements like the TIFA are key to moving forward on our shared goals of deepening the economic bilateral relationship and furthering the prosperity of working people in both countries.”

The US Mission spokesperson concluded the statement by underscoring the role the US plays as Pakistan’s trade partner. “The United States has long been Pakistan’s largest export market, with potential for further growth. In 2023, the United States imported $5 billion in Pakistani goods, while overall, US-Pakistan goods trade measured $7 billion,” he said.

“The United States has also been a leading investor in Pakistan for the past 20 years and more than 80 US companies currently operate in Pakistan, supplying high quality goods to the Pakistani market and employing hundreds of thousands of Pakistanis,” read the statement.