Pakistan has urged America to revise its travel advisory pertaining to the nation in a bid to boost a softer and more investor-friendly persona to US citizens.
The US delegation, headed by United States Trade Representatives (USTR) Ambassador Michael Froman, included US Ambassador to Pakistan David Hale among others.
The Pakistani delegation included Commerce Additional Secretary Asad Hayauddin, Commerce Secretary Azmat Ranjha and Trade Minister at Washington DC Ali Tahir.
Discussing during the inaugural session, Khan said that there are several reasons for which preferential access is deserved by Pakistan to the US textile market.
While the security situation has also significantly enhanced, “Several international associations have substantiated Pakistan’s steady market. Pakistan is now a lot safer than it was a few years past,” the minister said.
A steady Pakistan wouldn’t only bring prosperity to its people but would also play a role in creating a stable region, which is our common goal, he added.
Speaking on the occasion, Forman was of the view that TIFA serves as a premier forum for improving our trade investment relationship.
“Present economic relationship with Pakistan is merely a fraction of with TIFA that potential can be sought by us he said and what it could be.
The ambassador was of the view that in Pakistan, important structural reforms are undertaken under the government of Prime Minister Nawaz Sharif.
These included energy and economic reforms, which lowered inflation providing a business environment that was conducive for additional strengthening trade ties between the two states and have enriched the overall economic growth, said the ambassador.
During the assembly, both sides discussed ways and means to enhance accessibility of Pakistani exports to America, including those of textiles and agricultural things, enforcement of Intellectual Property Rights in Pakistan, opening up to Pakistani companies among others.
America is Pakistan’s biggest bilateral trading partner. In FY 2015, Pakistan’s exports to all countries were estimated at $24.59 billion and its imports at $41.43 billion.
It truly is estimated that at least 500,000 members of the Pakistani diaspora resides in the United States.
In FY15, the United States accounted for about 16% of Pakistan’s exports, the second largest market behind the European Union, and $1.20 billion of its imports.
Bilateral trade between the United States and Pakistan surpassed $5.1 billion in FY 2015. The United States is also among the top sources of foreign direct investment to Pakistan, with $209 million in FY 2015.