ISLAMABAD: US private sector supports deepening and strengthening US-Pakistan commercial relations. This is a strategic relationship and the US-Pakistan Business Council (USPBC) will continue to do utmost efforts to enhance economic relationship between the two countries. The council has been providing a forum for dialogue to American companies operating in or exploring business opportunities in Pakistan for the last 13 years.
These views were expressed by executive director of US-Pakistan Business Council Esperanza Gomez Jelalian during an exclusive interview with Customs Today, Gomez Jelalian said that “we strongly support a reinvigorated US-Pakistan Strategic Dialogue and applaud the shared commitment of both governments to deepen bilateral economic, trade, and investment cooperation.” USPBC strongly supports bilateral talks under the US-Pakistan Trade and Investment Framework Agreement (TIFA) and any efforts of both governments to strengthen cooperation on commercial priorities, especially in areas to promote private sector investment and economic growth.
USPBC welcomes efforts of the US and Pakistani governments to invite the private sector in both countries to play a constructive role in this dialogue. We look forward to working with government officials, in consultation with business stakeholders, to help identify emerging issues in the bilateral commercial relationship and proactively seek solutions and set benchmarks for tracking progress.
The United States is Pakistan’s largest trading partner, with two-way trade at $5.1 billion and 16% of Pakistan’s exports going to the US in the last year. The United States also remains one of the top sources of foreign direct investment to Pakistan.
US Chamber of Commerce and the USPBC strongly support the Generalized System of Preferences (GSP) program, which has provided economic growth in more than 120 developing countries by providing access to the US market for select goods. The GSP program provides duty-free treatment for about 3,500 products from Pakistan. Eligible products in the GSP program include, many manufactured items and inputs, jewelry, many agricultural products, chemicals, minerals, and marble. USPBC supports US government efforts to expand Pakistan’s exports through the GSP program.
USPBC welcomes Pakistan’s efforts to continue to liberalize trade to spur economic growth, investment and improve competitiveness of the country’s industry. We applaud efforts to educate Pakistani business organizations and its members on how to increase Pakistan’s use of duty-free opportunities, such as the GSP program. In an increasingly competitive global environment, Pakistan also must actively invest in its competitiveness, Jelalian emphasized.
USPBC has led trade missions to Pakistan in previous years and hopes to organize a visit in 2016. We organize trade missions to identify economic opportunities in the country and areas of increased engagement between the American and Pakistani business organizations. In the past year, we had productive meetings with government officials and key leading business leaders, while expressing the views of the American business community on a range of industry issues impacting the US-Pakistan commercial relationship. Business organizations are increasingly playing a more pivotal role in public policy in Pakistan. We believe the private sector is uniquely positioned to provide insight on policy priorities that can lead to faster economic growth and job creation in Pakistan.
USPBC represents over 30 US businesses with investments and operations in Pakistan, including a number of the world’s leading multinational corporations. Many of our member companies, as well as members of the American Business Council of Pakistan, our American Chamber of Commerce in Pakistan, have been committed to Pakistan for over six decades. The Council is testimony to the increasing interest in Pakistan as an investment venue for U.S. companies. Many of our companies are leading investors in Pakistan and have contributed to the country’s economic development through the creation of highly skilled jobs and many have also played a key role in helping alleviate pressing issues in the communities where they operate.
We look forward to advancing our dialogue with government officials, private sector leaders, and other stakeholders as the Government of Pakistan continues its trajectory of economic reforms, and provide the economic and political stability that allows investors to feel confident, and sustain and attract foreign investors.
