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By APD writer Imdad Hussain
Editor's note :Imdad Hussain currently works as Senior Producer and reporter at state-run Television based in Islamabad, having experience of more than 20 years in research and media in different organizations including the Ministry of Information, Pakistan Broadcasting Corporation, and Pakistan Television.
US Secretary of Commerce Wilbur Ross's visit to Pakistan is an encouraging development as the latter is hungry for international support in the shape of investment that would likely to further push its economy on the right track which has shown signs of betterment.
The US commerce secretary met Pakistan’s finance, trade and industry and energy officials including the prime minister and expressed his country’s support in trade and development, saying the US is willing to enhance its investment in Pakistan and economic and financial relations.
It may be mentioned Pakistan has a history of playing a positive role and bridging the gap, especially with respect to China, and more recently Pakistan has emerged as a harbinger of peace and stability in the world. Pakistan can once again be instrumental in bringing the top powers closer as co-existence is the best policy.
Pakistan has urged the US to benefit from the conducive investment opportunity prevailing in the country and assured him of all the facilities in this regard.
Meanwhile, in an interesting move, Pakistan has invited the US to join the China-Pakistan Economic Corridor though the Trump administration looks at the project with suspicion. If Washington rethinks over its erstwhile policy it would be a win-win situation for all.
As regards trade, Pakistan expressed the desire that textile and other Pakistani products should also be granted special status under the preferential trade agreement. “US companies can set up factories in Pakistan to export their product in other markets.”
Razzak Dawood sounded optimism as he said the US secretary asked Pakistan to convene a meeting of Trade and Investment Framework Agreement (TIFA) Council as soon as possible which is likely to be held in Washington soon.
The US delegation was told that after achieving economic stability, the government was focusing on job creation and export augmentation by encouraging foreign investments.
Islamabad also suggested that the US International Development Finance Corporation (IDFC) should help in developing new businesses in Pakistan about which Secretary Ross was positive and suggested that the relevant ministry should come up with projects in that regard.
The two sides also discussed greater US investment in the energy sector including areas such as power generation, transmission, and distribution, artificial intelligence, renewable energy, hydel energy, and training opportunities and agreed to step up cooperation.
On the other hand, Chairman Pak-US Business Council Iftikhar Ali Malik urged US Commerce Secretary Wilbur Ross for Joint Ventures (JVs) in the economic sphere and free direct market access to Pakistan at zero duty.
He said visa restrictions should be eased for the Pakistani businessmen and exporters and joint efforts were needed to further cement the existing economic ties between Pakistan and the US private sector and called upon Pakistani-American businessmen to avail immense business potential in Pakistan.
The United States is Pakistan’s largest export destination country. Despite ongoing security and macroeconomic concerns, Pakistan has been an attractive market for US companies due to favorable demographics, English language skills, low labor costs, and natural resources; however, there are real trade and investment barriers that limit the ability of US companies to enter the market and grow their businesses in Pakistan.
The US secretary’s visit is being considered as the outcome of recently held discussions of Prime Minister Imran Khan and President Donald Trump to promote bilateral trade and enhanced economic engagements.
It may also be mentioned the visit comes after Donald Trump failed to strike any major trade deal with India during his visit ‘short on substance’. Trump merely stated that they had made “tremendous progress” towards a comprehensive agreement and soon they would reach a deal.
However, Pakistan’s main concern remains access to the US market but the US has assured its cooperation in this regard.
(ASIA PACIFIC DAILY)
