ISLAMABAD: The United States is a huge potential market for Pakistan’s exports and it can help increase the trade volume, said Adviser to Prime Minister on Commerce, Textile, Industries, Production and Investment Abdul Razak Dawood.
“The US is still considered the largest market for Pakistan’s exports and both sides have immense potential to enhance bilateral trade and strengthen economic ties,” he said while talking to APP on Thursday before leaving for the United States.
He revealed that during his visit he would discuss different bilateral matters including investment by the US, market access and negotiations with the American leadership on the Trade and Investment Framework Agreement (Tifa). He added that Pakistan would also request the US to convene a meeting on the Tifa Business Opportunities Conference, which was expected to be held soon.
Dawood pointed out that the US wanted a 10-15 times increase in trade and investment in Pakistan. “Pakistan wants to increase export of cotton, meat, textile and leather for exploiting major areas of trade,” he said. “The United States has expressed keen interest in investment in gas supply, power generation and other energy projects, however, Pakistan has sought US investment in food processing.”
The adviser emphasised the need for making exports from diversified sectors like engineering goods, sugar, rice, agro-processed products, surgical items, pharmaceutical and sports goods. Replying to a question, he said trade diversification by focusing on shipment of engineering goods would result in an increase in exports from Pakistan.
The adviser recalled that the government had initiated a “Look Africa” policy, which would facilitate exporters in promoting their engineering businesses in different untapped markets of African countries as well as in European Union member states by making their products competitive.
Published in The Express Tribune, September 20th, 2019.