ISLAMABAD – Advisor to Prime Minister on Commerce, Industries andProduction and Investment Abdul Razak Dawood Thursday said Pakistan desiredmarket access to the United States and their investors to increase theirinvestment here.
“We also prioritize for increasing our exports to achieve the objective ofexports-led growth besides enhancing the bilateral trade with US,” AbdulRazak Dawood said this while addressing a press briefing.
The adviser said during a meeting with the US Secretary of Commerce theydiscussed the issues related to bilateral trade and enhanced market accessfor Pakistan.
Razak said Pakistan was committed to acquire US Generalized System ofPreference (GSP) programme, which provided nonreciprocal, duty free tarifftreatment to certain products imported from designated beneficiarydeveloping countries (BDCS).
He said that as part of ongoing efforts to create jobs and economic growthon both sides, the two countries had held held regular consultations in Maylast under the Trade and Investment Framework Agreement (TIFA). The TIFAmeetings goal was to expand bilateral trade and investment in goods andservices in future.
Razak said Pakistan and the US also discussed ways to enhance the USinvestment in energy, oil and gas, agriculture, food processing ande-commerce besides increasing trade in agricultural goods and medicines.
He said this was a high time for the US companies which invested inPakistan for increasing bilateral economic and trade relations.
Read Top Stories
He said the US secretary’s visit was the outcome of the previousdiscussions between Prime Minister Imran Khan and President Donald Trump topromote bilateral trade and enhanced economic engagements.
The advisor also suggested that the U.S. International Development FinanceCorporation (IDFC) was appropriate forum, which also can help in developingof new businesses in Pakistan. The IDFC involved in funding of $60 billionfor all the developing countries.He said that about IDFC assistance, Secretary Ross sounded positive andsuggested that the commerce ministry should propose projects in that regard.
The advisor said that the US also agreed to improve the travel advisory forPakistan for bringing mega brands and US investment in different sectors toPakistan to create employment opportunities.
Razak also hoped that Pakistan would achieve trade benefits from GSP-Plusprovided by European Union for 10 year till 2023.
He said that Pakistan wanted to get access to the potential markets ofAfrican region, Russia and North America for enhancing the tradeliberalization to achieve the objective of export led growth.
