We have long been Pakistan’s largest export market, with potential for even further growth: Ned Price
WASHINGTON, Feb 24 (SABAH): A “robust trade relationship” between the United States and Pakistan is important to bolster the latter’s economic stability, especially after last year’s devastating floods, and expose American businesses to new markets, the US State Department has said.
State Department Spokesperson Ned Price made the remarks in response to a query at a weekly press briefing.
“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,” he said.
The comments come at a time when Pakistan is looking for breakthroughs in talks on the US-Pakistan Trade and Investment Framework Agreement (TIFA).
The two sides on Thursday held their first ministerial-level meeting of a Pak-US trade and investment body in seven years, where Commerce Minister Syed Naveed Qamar sought greater cooperation in the IT sector.
Speaking to the press on Friday, Ned Price referred to the meeting and reiterated the US commitment to “deepening our economic and commercial ties with Pakistan”, adding the trade relationship has “helped both Pakistani industries and consumers”.
“We have long been Pakistan’s largest export market, with potential for even further growth. And we believe 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 said.
Furthermore, Ned Price pointed out that the US was a leading investor in Pakistan for the past two decades, with investments increasing to 50 per cent in the past year.
“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.
“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,” the spokesperson added.
In response to a question on the rise in terror incidents in the region, Price said that the US and Pakistan “have a shared interest in ensuring the [Afghan] Taliban live up to the commitments that they have made”.
“That terrorist groups that may be active in Afghanistan […] are no longer able to threaten regional stability.
“Our engagement on this subject is rooted in the fact that terrorism is a threat that has taken many Pakistani, Afghan, and other innocent lives over the course of far too many years now,” the spokesperson added.