Pak-US businessmen asked for availing immense trade potential in Pakistan

ISLAMABAD (APP): President SAARC Chamber of Commerce and Industry, Founder Chairman Pak-US Business Council Iftikhar Ali Malik on Wednesday urged Pakistani-American businessmen to avail immense business potential being offered in Pakistan, as it was emerging as a fast developing and modern republic in South Asia.

In a press statement, Malik urged the new US leadership for convening meeting of Trade and Investment Framework Agreement (TIFA) to move forward for result oriented progress, besides providing direct market access at zero duty and Joint Ventures (JVs) to further promote bilateral trade and investment relations.

Iftikhar said the last meeting of TIFA was held in May last in which both sides had discussed ways to improve access to products such as agricultural goods and medicines in either market. He said Pakistan had been keen to explore potential trade concessions as it could import more US cotton in return for preferential US market access for its apparel export.

A preferential Trade Agreement could be a long goal because of complexity involved in the process, he further said and added that the TIFA framework provided an institutional mechanism to carry forward those discussions and come up with new ideas.

He urged the US to remove the bottlenecks in bilateral investment treaty and making efforts to better FTA, besides offering matching package and incentives which it offers to Bangladesh and Sri Lanka in textile exports, such as duty concessions and market access.

There must be an incentive package for Pakistan for being a front-line state in combating terrorism with the US. He said that Pakistan is time tested friend and suffered colossal irreparable economic losses running in billions of dollars in war on terrorism in the region, he added.

He further urged for easing visa restrictions for the Pakistani businessmen and exporters and joint efforts were needed to further cement the existing economic ties between Pakistan and US private sector. He said Pakistan and US were enjoying amicable relationship and coalition partners against war on terror.