ISLAMABAD: The Pak-US Business Council has hoped that Prime Minister ImranKhan’s ongoing visit to the United States (US) would bring both thecountries closer
“Pakistan should seek direct market access to the US markets in order tohelp stabilise its economy in the wake of war on terror in the region,”said PUBC Chairman Iftikhar Ali Malik in a press statement issued onTuesday.
He was of the view that Pakistan has suffered irreparable colossalfinancial losses by playing the frontline role in the war on terror, addingthat US must support Pakistan to achieve economic prosperity andself-reliance.
He said joint efforts were needed to further cement the existing economicties between Pakistan and US’ private sector.
Malik further said that US President Donald Trump should announce incentivepackages for the quick revival of the Pakistani economy during the visit ofPrime Minister Imran Khan.
The PUBC chairman, who is also the senior vice president of SAARC Chamberof Commerce and Industry, said that US was the largest trading partner ofPakistan with a trade volume $6.7 billion.
He said that Pakistan’s major exports to United States included sportsgoods, surgical goods, leather and finished leather products, textile,cotton yarn, garments, carpets, and rice.
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Similarly, he added, Pakistan’s main imports from the United Statesincluded electrical machinery, equipment, medicines, dry fruits, perfumes,coffee, dates and other food items.
He stressed the need for negotiations on the bilateral investment treaty sothat investment could be brought into Pakistan.
He suggested both the countries to expand cooperation on the 2013 JointAction Plan on Trade and Investment, as the United States remainsPakistan’s largest bilateral export market and a significant source offoreign direct investment.
He said the US should remove all bottlenecks in bilateral investment treatyand efforts should be made on signing a free trade agreement (FTA) at theearliest.
“It is now imperative that the US should offer same package and incentives(to Pakistan) which is offered to Bangladesh and Sri Lanka in textileexports, such as duty concessions and market access,” he concluded.
