Syed Naveed Qamar, the federal minister of commerce, highlighted on Friday the need for more collaboration between Pakistan and the United States in both traditional and contemporary fields. The minister spoke with Katherine Tai, the US Trade Representative, virtually. The US Trade Representative emphasized the value of the US-Pakistan economic collaboration and the need to boost bilateral commerce, with a focus on the agricultural and digital trade sectors in particular.
In both traditional and modern areas, the minister admitted that there was a need for more collaboration between the two nations.
To further strengthen the economic relations, he urged conducting the US-Pakistan Trade and Investment Framework Agreement (TIFA) Council meeting.
In light of the rapidly shifting global trade dynamics, the minister commended Katherine Tai’s leadership and hoped for her swift recovery from COVID-19.
Pakistan is “going now towards an export-led growth rather than a consumption-led growth or an import-led development,” according to former Prime Minister Khan earlier in 2020.
The State Bank of Pakistan reports that in 2019, the United States purchased more than $4 billion worth of Pakistani goods, more than twice as much as the second-ranked export market. The balance of payments ledger for Pakistan is being positively impacted by trade with the United States.
Additionally, the U.S. Generalized System of Preferences grants duty-free entrance to more than 3,500 products from Pakistan, creating a significant prospect for further export development. Growing our commercial ties with Pakistan is of “paramount importance,” as President Trump has stated.
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