US urged to remove bottlenecks in bilateral trade

LAHORE: The United States of America should remove bottlenecks in bilateral trade with Pakistan and efforts should be made on signing a free trade agreement, a senior businessman said on Tuesday.

“The USA should offer same package and incentives which it offers to Bangladesh and Sri Lanka in textile exports, such as duty concessions and market access,” Founder Chairman Pak-US Business Council Iftikhar Ali Malik said in a statement. “There is a need for duty cut and market access for Pakistani textile goods to the USA.”

Malik said visa restrictions should be eased for Pakistani businessmen and exporters and joint efforts are needed to further strengthen the existing economic ties between Pakistan and US private sectors.

He said Hillary Clinton, former secretary of state, during her visit, promised to support development of reconstruction opportunity zones in Pakistan. “After 16 years of conflict, it is clear that lasting peace in Afghanistan could only be achieved through a comprehensive political process with the active participation of Pakistan.”

Malik advised that the United States and Pakistan should expand cooperation on the 2013 Joint Action Plan

on Trade and Investment as the United States remains

Pakistan’s largest bilateral export market and a significant source of foreign direct investment.

He said it would be in the interest of both the countries to enhance their trade volume which has been hovering around $5 billion for the last five years.

Malik said he is much optimistic that Secretary of State Mike Pompeo tour to Pakistan would help reduce tension.

“Joint efforts are needed to further cement the existing economic ties between Pakistan and US private sectors and for this purpose the American government should provide direct access to Pakistani products in its markets at zero duty.”