Qamar to co-chair TIFA meeting

KARACHI: Federal Minister Commerce Syed Naveed Qamar to co-chair Pakistan US TIFA council meeting to be held in Washington DC after eight years, a statement said on Monday.

The purpose of Trade and Investment Framework Agreement (TIFA) is to enhance the bonds of friendship and spirit of cooperation between the two countries, promote further both countries’ international trade and economic interrelationship, and recognising the importance of fostering an open and predictable environment for international trade and investment.

The agreement can also help in taking into account the membership of the two countries in the World Trade Organization (WTO).

Establishing the understanding, US and Pakistan will affirm their desire to promote an attractive investment climate and expand trade in products and services consistent with the terms of the agreement. Both countries shall take appropriate measures to encourage and facilitate the exchange of goods and services and to secure favorable conditions for long-term development and diversification. Furthermore, both sides will work on the United States-Pakistan Council on Trade and Investment, which shall be composed of representatives of both countries.