Commerce Minister Syed Naveed Qamar has said that the meeting of Pakistan-US Trade and Investment Framework Agreement (TIFA) Ministerial Council meeting reflected mutual understanding and commitment of Pakistan and United States to pursue a broad-based agenda and make mutually beneficial trade and investment ties an important pillar of our bilateral ties.
Briefing media persons about TIFA Ministerial meeting, held yesterday, the Minister said that the two sides have agreed to have regular follow up engagements during 2023 to ensure progress on all issues and achieving tangible results.
It was also agreed to convene the next TIFA Council Ministerial meeting in Islamabad in early 2024, he continued.
Expressing satisfaction over the ongoing and the forthcoming high-level dialogues in various sectors including energy, climate change etc., the Minister said that the series of dialogue reflected that Pakistan was being seen as a sovereign trading partner of the United States. “United States is an important country for us and we want our relations to further grow in all possible areas,” he said.
Commerce Minister said that he had fulsome and comprehensive dialogue with United States Trade Representative (USTR) focusing on wide spectrum of trade and investment, issues of mutual interest including agriculture, textiles, digital trade, enhancing market access, cooperation on good regulatory practices including intellectual property and labor rights, and women’s economic empowerment and entrepreneurship.
He said that the two sides discussed key issues including enhancing exports of Pakistani mangoes and dates to the US, increased market access for Pak textiles, increasing US investments in Pakistan’s agriculture sector especially in development of hybrid, climate resilient seeds and supporting Pakistan’s IT and tech industry.
Syed Naveed Qamar said that significant progress has been made in some of the critical areas while further progress was expected during the course of discussion that would follow.
Talking about the economic challenges being faced by the country, the Minister said that Pakistan has taken tough decisions to revive IMF program. Those difficult decisions, he said, have started showing results.
“In anticipation of revival of the Program, the reserves have started increasing and rupee dollar parity is witnessing stability. Turn-around period has started.”
The Minister expressed the hope that with formal approval of revival of the program by IMF Board, the reserves would increase with inflow from friendly countries and international banks. He, however, stated that the revival of the program alone was not a panacea for all ills. “We need structural reforms. Our processes need to be changed,” he continued.
Responding to a question, the Minister said that the revival of the dialogue would significantly boost confidence of the business community and would help in providing them with a conducive environment marked by stability and predictability.
Washington DC, February 25, 2023
