ISLAMABAD: Pakistan and the United States have agreed to appoint their respective “focal persons” to ensure the removal of impediments for business activity, the Pakistan embassy said on Thursday after trade talks in Washington DC.
Pakistani commerce minister Syed Naveed Qamar is visiting Washington to attend a Trade Investment Framework Agreement (TIFA) ministerial meeting between Pakistan and the US, due to be held today, Thursday, after seven years. The last TIFA ministerial meeting was held in Islamabad in 2016.
On Wednesday, Qamar met US Special Representative for Commercial and Business Affairs, Dilawar Syed, in Washington and discussed bilateral trade, foreign direct investments in Pakistan, the business operations of US companies working in Pakistan and Islamabad’s exports to the United States.
“Discussing trade-related operational issues, it was decided to appoint a focal person, on both sides, to prioritize, coordinate and ensure removal of impediments for smooth functioning of the businesses,” the Pakistan Embassy in DC said, with both sides expressing hope that the TIFA meeting would serve as a “catalyst” in boosting trade ties and strengthening bilateral relations.
Qamar welcomed the resumption of the TIFA ministerial meeting after a gap of seven years, calling it “critical” for enhancing bilateral trade ties.
“Pakistan looks forward to a greater interaction, especially in the areas of IT, technology, agriculture, and other sectors,” Qamar said, hoping that the momentum generated from the resumption of high-level talks would lead to a breakthrough in realizing the trade potential between the two countries.
“The present trade figures of around $12 billion do not reflect the true potential existing between the two countries, keeping in view the size of the US economy and a huge market of Pakistan with a sizable and vibrant middle class and youth bulge,” the commerce minister said.
