United States Assistant Trade Representative Micheal Delaney assured Pakistani authorities that they will work with the U.S. Congress to enact Reconstruction Opportunity Zones (ROZ) legislation.
In a Joint Statement issued by Ministry of Commerce on Thursday after two day Pak-US Trade and Investment Framework Agreement (TIFA) meeting it is stated that both sides agreed to work together on measures that will promote private sector engagement between the two countries.
In the 5th Pak-US TIFA Council meeting both sides evaluate the progress discussed a wide range of investment climate issues including market access, the U.S. Generalized System of Preferences (GSP), trade promotion efforts, intellectual property rights, and sector-specific investment challenges.
In addition, both delegations reviewed trade promotion efforts and agreed to continue collaboration, including support for Pakistani exhibitors to participate in major U.S. trade shows. Pakistan also asked for support of its program to assist women-owned enterprises in rural areas of the country. The U.S. delegation agreed to follow up on the proposal once it is received.
Pakistan provided an overview of its efforts to export mangoes to the United States and expressed its satisfaction in the assistance they received but mentioned that additional work must be done. The U.S. delegation confirmed its continued support for the ongoing Pakistan trade capacity building program.
The U.S.-Pakistan TIFA, which was signed in 2003, has been the primary forum for bilateral trade and investment discussions between the two countries. The TIFA process has been the focal point of a sustained and multi-faceted high-level engagement between the United States and Pakistan on trade and investment issues, including addressing impediments to greater trade and investment flows between the Parties. U.S.-Pakistan trade and investment flows witnessed significant improvements in 2009-2010, notably a 17 per cent increase in Pakistan’s exports to the United States. The U.S. and Pakistani delegations also met today (Thursday) with representatives from the Pakistan Institute of Fashion and Design (PIFD) in Lahore, Pakistan. The PIFD’s board is chaired by Pakistan’s Minister of Commerce, Makhdoom Muhammad Amin Fahim. The delegations discussed ways to enhance the capacity of the PIFD, including prospects for developing linkages with similar U.S. institutions. This and other parts of Pakistan’s economy were hit hard by the devastating floods of 2010.
The two delegations also met with U.S. and Pakistani companies to discuss their experiences as investors in Pakistan and listened to their views about how best to improve the trade and investment climate in both countries. The Parties expressed their desire to reach agreement in the coming weeks on dates for the next TIFA Council meeting to be held in Washington next year 2012.
