ISLAMABAD: The Pakistan-US Business Council has hoped that Prime Minister Imran Khan’s ongoing visit to the United States (US) would bring both the countries closer
“Pakistan should seek direct market access to the US markets in order to help stabilize its economy in the wake of the war on terror in the region,” said PUBC Chairman Iftikhar Ali Malik in a press statement.
He opined that Pakistan has suffered irreparable financial losses by playing the frontline role in the war on terror, adding that US must support Pakistan to achieve economic prosperity and self-reliance.
He said joint efforts were needed to further cement the existing economic ties between Pakistan and US’ private sector.
Malik further said that US President Donald Trump should announce incentive packages for the quick revival of the Pakistani economy during the visit of Prime Minister Imran Khan since US is the largest trading partner of Pakistan with a trading volume of $6.7 billion.
He noted that Pakistan’s major exports to the United States included sports goods, surgical goods, leather and finished leather products, textile, cotton yarn, garments, carpets, and rice.
Notably, Pakistan’s main imports from the United States included electrical machinery, equipment, medicines, dry fruits, perfumes, coffee, dates and other food items.
He stressed the need for negotiations on the bilateral investment treaty so that investment could be brought into Pakistan.
Furthermore, he suggested both the countries to expand cooperation on the 2013 Joint Action Plan on Trade and Investment.
He demanded the removal of all bottlenecks in bilateral investment treaty and efforts should be made on signing a free trade agreement at the earliest.
“It is now imperative that the US should offer same package and incentives which is offered to Bangladesh and Sri Lanka in textile exports, such as duty concessions and market access,” he concluded.