December 27, 2024 (MLN): To enhance trade relations between Pakistan and the United States, urgent reforms are needed to bring energy tariffs down to 9 cents per unit and reduce interest rates to approximately 7% by early 2025.

President of the Karachi Chamber of Commerce and Industry (KCCI), Jawed Bilwani stressed during a meeting held at the Karachi Chamber of Commerce & Industry (KCCI).

These measures aim to improve the competitiveness and profitability of Pakistani exports, he further added

Pakistan's Ambassador to the United States, Rizwan Saeed Sheikh, has requested the Karachi Chamber of Commerce and Industry (KCCI) to share research on the US companies with which Karachi’s business community is currently engaged.

He further asked for details about the companies they plan to collaborate with in the future.

This would help Pakistan’s Embassy approach these companies to enhance existing trade and explore additional avenues for trade and investment cooperation, Ambassador added.

The Ambassador stated that while the relationship between Pakistan and the US has experienced numerous ups and downs during the last 77 years, trade remained consistent, with the US continuing to be one of Pakistan's largest markets.

“The US is a huge market that simply could not be catered to by any single country alone", he added.

"Therefore, this is an area where I intend to work hard so that Pakistani products and services can be introduced alongside those of other competing countries”, he further said.

Rizwan Saeed further informed that work was underway on a war footing for the revival of Pakistan's GSP Plus status, confirmed by one of the congressmen who, being part of the committee, assured he would push Pakistan’s case for GSP Plus.

This is the right time, as those who opposed GSP Plus status for Pakistan were not elected in this year’s US elections.

Outlining Pakistan’s geo-strategic importance, he opined that Pakistan, the 5th largest country in terms of population, simply cannot be ignored by the US.

He emphasized that Pakistan must be viewed through its lens, rather than from the perspectives of India, China, or any other country.

“Pakistan’s textile sector is fully capable of supplying state-of-the-art products that can easily compete with those from any other country in the world,” he said.

He added that Pakistan is also the largest importer of US cotton, and its excellent products have great potential to penetrate the vast US market.

He further stated that immediately upon assuming office as Pakistan’s Ambassador to the US, one of his top priorities was to hold a meeting with KCCI.

He recognized that this Chamber represents a city that plays a pivotal role in Pakistan’s economy.

“While Pakistan’s trade can be facilitated through various channels, Karachi stands as the city where the majority of the country’s international trade takes place”, he said.

This was a key factor in his decision to initiate a dialogue with KCCI.

While appreciating the valuable insights shared during the meeting, the Envoy emphasized the importance of such dialogues continuing regularly to foster stronger Pakistan-US bilateral trade relations.

Rizwan Saeed Sheikh pledged to advocate for reduced interest rates and energy tariffs to ensure Pakistani products remain competitive in international markets.

Jawed Bilwani emphasized the importance of strengthening Pakistan's economic ties with the United States, highlighting the role of Pakistan’s newly appointed Ambassador in facilitating this process.

According to Bilwani, the Ambassador’s experience and diplomatic acumen will be pivotal in enhancing bilateral relations and boosting Pakistan's exports.

He noted that Pakistan's economic landscape is showing gradual improvement, making it an ideal time to focus on increasing exports.

While exporters have witnessed an uptick in turnover, he pointed out that profitability has been impacted due to the high cost of doing business.

Specifically, he cited the elevated energy tariffs and interest rates, which have squeezed margins.

President KCCI pointed out that there was a time when Pakistan's agricultural production, particularly cotton and textile exports surpassed regional competitors like India, Bangladesh, and Vietnam.

However, he lamented that Pakistan has now fallen behind due to a series of misguided policies, particularly the failure to focus on value addition.

While neighboring countries have made significant strides in enhancing exports, Pakistan’s agricultural sector has not kept pace, largely due to the lack of support, innovation, and investment.

While anticipating extraordinary efforts by Pakistan’s Ambassador to enhance exports to the US, President KCCI extended full support and cooperation to Rizwan Sheikh.

He assured full backing for all his future endeavors to promote trade and investment ties between the two countries.

Copyright Mettis Link News

Posted on: 2024-12-28T12:41:37+05:00