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Daily Times - Site Edition Pakistan keen to strengthen trade, investment ties with US
Staff Report

Sunday, June 30, 2013

KARACHI: Pakistan is very much keen to strengthen the trade and investment relationship with USA and in this context, Pakistan offers various joint ventures investment opportunities in the areas of power sector, mineral resources, high-tech machinery, infrastructure, engineering, telecommunication, iron and steel, railways, construction etc. S M Muneer President India-Pakistan Chamber of Commerce and Industry (IPCCI) at a two days conference on Pak-US Business opportunities organised by USA Department of State and Ministry of Commerce, government of Pakistan in Dubai said this conference was organised at very appropriate time when new government of Pakistan has taken charge of office. USA is the largest trading partner of Pakistan during the last many decades in addition to provide economic and financial assistance to Pakistan on different occasions. Trade between Pakistan and USA is in favour of Pakistan with Pakistans export volume $3.8 billion to USA and import volume $1.7 billion. He stressed on the signing of bilateral investment treaty, which is under consideration since many years between the governments of both countries. On the expansion of trade, he said there is still a lot of scope of Pakistani textile in USA, but the high tariff rate from USA side (in between 13 percent to 22 percent) make us uncompetitive in USA market. He strongly urged the American government to reduce tariff rates equal to our regional competitors and to provide better market access to Pakistani products in the US market, in particular our textiles, in order to strengthen the Pakistani economy which has suffered massive losses due to war on terrorism. Pakistani textile products have premium quality and have served well the American market over the years, would not disappoint the American consumer, if better market access was allowed. On the issues of Generalised System of Preferences (GSP) status, he said Pakistani businessmen did not get full benefits of this due to lack of knowledge and information. He quoted the figures of officials of US Consulate Pakistan was only utilising 5.7 percent benefits of GSP, while through this scheme Pakistan could export 3,500 items to USA. He suggested the government of USA to send trade officials to Pakistan, which provides proper guideline for full utilisation of this GSP status. He highlighted the issues of visa and other barriers, which hampered Pakistans exports to USA. He urged the USA officials to grant early visa to genuine businessmen on the recommendation of Federation of Pakistan Chambers of Commerce and Industry.
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30-Jun-13