USTR pledges continued support for Pakistan’s economic reform

ISLAMABAD: United States Trade Representative(USTR) Michael B Froman on Thursday commended Pakistan on its progress in implementing an economic reform programme that has stabilised the local economy.

Co-hosting the 8th annual US-Pakistan Trade and Investment Framework Agreement (TIFA) Council meeting, the USTR pledged continued US cooperation on Pakistan’s reform and business climate agenda.

Minister for Commerce Khurram Dastgir Khan and USTR co-hosted the meeting, a statement said. Reiterating October 2015 statements by Prime Minister Nawaz Sharif and President Barack Obama, the two sides emphasised that the United States and Pakistan remain committed to working together and with the private sector to expand bilateral trade and investment ties as part of an enduring multifaceted bilateral relationship.

This, they said, is in the interest of the two countries and for respective business communities. Important outcomes of this TIFA Council meeting included renewed outreach on the US Generalized System of Preferences (GSP) programme to Pakistani exporters, a commitment to jointly lead a high-level trade and agricultural delegation from Pakistan to the United States in 2017.

The meeting also decided to facilitate over 20 additional Pakistani delegations to the US trade shows, improved Pakistan government dialogue with foreign pharmaceutical firms, especially concerning the business environment, US facilitation of improved awareness of the process forbidding on US Department of Defense procurement that support US operations in Afghanistan, besides identifying a phyto-sanitary irradiation facility in northeastern United States for Pakistani mango imports and progress on scheduling the next US-Pakistan Business Opportunities Conference.

The meeting also included discussion of investment, climate issues, consultations on agricultural imports and exports and clarification of Pakistani tax and tariffs policy, including the phase out of Statutory Regulatory Orders, which affect imports.

Pakistan renewed its request for better US market access, especially for its apparel industry and noted concerns about the language in the US Department of States travel warning on Pakistan and its impact on trade.

The United States hosted a GSP outreach event with Pakistan business associations immediately following the TIFA Council meeting to increase awareness of the US GSP programme among Pakistani exporters.

More broadly the US-Pakistan Trade and Investment Framework Agreement Council meetings encompassed a wide agenda related to market access and proposals to increase bilateral trade and investment.

The two delegations finalised the 2016/17 work plan of the five-year Augmented Joint Action Plan to expand bilateral trade and investment. Continued implementation of this work plan will comprise the bulk of the TIFA Council’s work over the next 12 months.