ISLAMABAD: Pakistan's Commerce Minister Syed Naveed Qamar said on Thursday that Islamabad is looking forward to attracting more investment from Washington in information technology (IT), agriculture, and food security sectors and increasing its exports to American markets as the two sides gear up for high-level bilateral trade talks.
Qamar is in Washington to attend a Trade and Investment Framework Agreement (TIFA) ministerial meeting between Pakistan and the US. The high-level trade talks between the two countries are taking place after seven years, the last one taking place in Islamabad in 2016. The TIFA Council is co-chaired by Qamar, and U.S. Trade Representative, Katherine Tai.
Once close allies, Islamabad's and Washington's ties deteriorated over the past couple of years mostly due to concerns about Pakistan's alleged support of the Taliban in Afghanistan. Islamabad vehemently denies sheltering the Taliban in sanctuaries, something Washington has always regarded with suspicion.
According to the Pakistan foreign office, TIFA provides a forum for the two countries to discuss bilateral trade and investment, including exploring access for Pakistani exports to the US market.
“During TIFA Council Meeting, we are looking for an increase in agriculture and IT sector and are hoping to attract more US investment, with a particular focus on IT services,” Qamar told Arab News over the phone from Washington, before the start of the meeting.
“We are also looking to increase exports of mangoes to the United States and the U.S. side is keen to export beef and other agro products,” the minister said. He added that the meeting would deepen trade and investment ties between the two countries.
Qamar said the U.S. was by far Pakistan’s largest export market with tremendous potential for expansion in both goods and IT services. “After this meeting, we hope that a mechanism will be devised to provide more facilitation to business communities,” the minister added.
Speaking about the overall impact of his trip, Qamar said the visit would enhance the bond of friendship and the spirit of cooperation between the two countries. This, he said, would be achieved by further enhancing both countries’ bilateral trade and economic ties.
“Establishing the understanding, the US and Pakistan will affirm their desire to promote an attractive investment climate and expand trade in products and services consistent with the terms of the agreement,” he said.
He added that the present trade figures of around $12 billion did not reflect the true potential for business that existed between the two sides.
“Both countries shall take appropriate measures to encourage and facilitate the exchange of goods and services and to secure favorable conditions for long-term development and diversification," he added.
Foreign Office Spokesperson Mumtaz Zahra Baloch said today’s TIFA Council meeting was another important milestone in the series of high-level bilateral engagements with the U.S. this year.
“It signifies the importance attached by both sides to add positive momentum in pursuing a broad-based bilateral agenda of cooperation,” she said during her weekly press briefing.
