WASHINGTON, Feb 24 (APP): A robust United States-Pakistan relationship is more important than ever to bolster flood-hit Pakistan’s economy, as a visiting Pakistani delegation, led by federal Commerce Minister Syed Naveed Qamar, held talks with US Trade Representative (USTR) Katherine Tai aimed at boosting bilateral trade.
“We believe that a robust trade relationship between the United States and Pakistan is more important than ever to bolster Pakistan’s economic stability as it recovers from devastating floods, while at the same time also providing an opportunity to Americans and to American businesses in this country, exposing them to new markets, Pakistani markets in this case,” State Department Spokesperson Ned Price told reporters at his daily press brief.
Price was responding to a question from the correspondent of a private Pakistani news channel, about Pakistan’s delegation, which is in Washington for the US-Pak Trade Investment Framework Agreement (TIFA) ministerial meeting.
The US Trade Representative, Ambassador Tai, and Pakistani Commerce Minister Naveed Qamar co-chaired the meeting, held after a gap of eight years.
The spokesperson said that the US’ trade relationship with Pakistan had helped both Pakistani industries and consumers, adding that “there is great potential to expand bilateral trade with Pakistan further, particularly in energy, agricultural equipment and products, franchising, retail trade, information and communications technology products and services”.
He also said that the US had been a leading investor in Pakistan for the past two decades and that investments had increased by some 50 per cent.
“US investment in Pakistan is the highest it’s been in over a decade, and US corporations have announced more than $1.5 billion in investment plans in Pakistan since 2019,” the spokesperson added.
“US companies and their local affiliates, moreover, are among Pakistan’s largest employers, with roughly 80 US companies directly employing more than 120,000 Pakistanis,” he apprised.
According to USTR statement issued after TIFA meeting, the US Trade Representative, Ambassador Tai, and Pakistani Commerce Minister Naveed Qamar recognized the importance of women for sustainable economic growth and expressed their support for inclusive supply chains and supplier diversity.
They noted that integration of Pakistan’s women-owned businesses into value chains will be critical to promote competitiveness and supply chain resilience and expressed their intent to support upcoming training programs for women-owned businesses and corporate buyers led by WEConnect International.
Federal Commerce Minister Naveed Qamar conveyed that the Commerce Ministry and Trade Development Authority of Pakistan (TDAP) were both committed to boosting women’s business enterprises and, to this end, two trade fairs are being organized this year, according to the statement.
“‘HER HUNAR’, a sales network for handicrafts made by women, in collaboration with USAID, will include 120-130 women-led micro, small and medium-sized enterprises (MSMEs), focusing on the northern region of Pakistan to increase supplier diversity,” it said. During the 18th Organization of Islamic Cooperation Trade fair, 56 member states will participate to promote women entrepreneurs.
Underscoring the value of networks for success, the two countries expressed their intent to create mentorship and education opportunities for women workers and entrepreneurs, the statement said.
Ambassador Tai and Commerce Minister Naveed Qamar highlighted their successful collaboration through the Pakistan Million Women Mentors Initiative, and both countries expressed their intent to strengthen the U.S.-Pakistan Women’s Council and other women’s economic empowerment forums as a mechanism to exchange lessons learned between private sector and civil society and increase representation across the workforce.
The commerce minister Syed Naveed Qamar highlighted the Women Entrepreneurship Development Plan, introduced by TDAP and the Ministry of Commerce, which aims to strengthen women’s business skills through extensive training.
“USTR and the Ministry of Commerce recognized the structural social and economic barriers to gender equity and equality,” the statement said.
The ministers resolved to improve equitable access to information, which remains a prerequisite for boosting women’s participation in the global marketplace. The countries supported continued work to increase regulatory transparency, improve inclusivity in the rule-making process, and encourage the participation of women-owned businesses and MSMEs in Pakistan’s commercial fora.
To sustain these in the strategic context, the Ministry of Commerce is setting up a Women Advisory Council consisting of leading businesswomen, academics, and civil society members to advise the government on impediments to women’s participation in business and trade,” it added.