Secretary Commerce of United States, Ms. Penny Pritzker called on Federal Minister for Commerce Engr. Khurram Dastgir Khan and discussed plans to expand bilateral trade and investment flows in Pakistan. The US delegation included Special Representative on Afghanistan & Pakistan Daniel Feldman, Ambassador of US to Pakistan Richard Olson, Assistant USTR Michael Delaney, Chief of Staff Jim Hock, Deputy Chief of Staff Theo LeCompte and Senior Advisor Tom Wyler.
The areas of discussion included diversifying agricultural production, increasing trade in services, promoting entrepreneurship, enhancing intellectual property protection and increasing dialogue between our respective private sectors.
Mr. Dastgir apprised the US delegation about the conducive environment for profitable trade and investment in the emerging economy of Pakistan. He said that the policies of the present government are pro-development and predictable which has improved the faith of foreign investors.
He said that Pakistan has huge investment potential in various sectors including energy, infrastructure and agriculture. The holding of Pak-US Economic Partnership Week truly reflects on the commitment of leadership of both governments towards further expansion of trade and investment relations, he said.
The Minister said that US is Pakistan’s largest trading partner but Pakistan is vying for enhanced and preferential market access in the US market to boost Pakistan’s exports to US which currently stands at $ 3.7 billion. The US GSP expired 19 months ago therefore alternate means of trade facilitation may be introduced to provide enhanced access to Pakistan’s exports to US markets, the Minister said.
US Secretary of Commerce was of the view that it is important for the two sides to work together to raise economic relationship to make it more commensurate with the general relationship between the two countries. She said that US wants to long term economic relationship with Pakistan and the Business Opportunities Conference is an important step in this direction.
She praised the efforts of the Government to modernize infrastructure and said that these endeavors convinced the foreign investors that Pakistan is open to business. She hoped that with permanent head and Board of Intellectual Property Organization in place there will be greater intellectual property protection in Pakistan.
March 05, 2015