Bilateral trade talks: Pakistan and US aim to boost economic cooperation

On Tuesday, Pakistan and the United States (US) reached a consensus to foster close collaboration in various facets of bilateral trade and investment, with the primary objective of amplifying economic cooperation between the two nations.

Dr Gohar Ejaz, Minister for Commerce and Industries, and Ambassador Katherine Tai, the US Trade Representative, convened a virtual meeting to assess the progress achieved subsequent to the 9th Pakistan-United States Trade and Investment Framework Agreement (TIFA) Council meeting held earlier in the year.

Ambassador Tai underscored the significance of Pakistan as a pivotal trading partner for the US, recognising the enduring engagement between both countries as an encouraging sign.

Minister Ejaz apprised Ambassador Tai of the government’s endeavours to enhance the business environment. He proposed the consideration of duty-free access for textile and garment exports to the US, given that Pakistan imports a substantial portion of its cotton from the United States.

Furthermore, Minister Gohar Ejaz recommended exploring opportunities for joint ventures in textile and industrial manufacturing to enhance bilateral trade.

The interim minister emphasised that the US serves as a prime destination for IT and ITeS exports from Pakistan, suggesting that both nations can reap mutual benefits from the immense potential in the field of information technology.