Trade with US to increase multifold from existing $6 billion

July 26, 2019: The business community of Pakistan has expressed hope that trade volume between Pakistan and United States would increase manifold from the existing level of $6,125.8 million.

Since the trade balance is in favor of Pakistan, so increase in trade would be very beneficial for the country, they said while commenting on the recent trade-related developments during Prime Minister Imran Khan’s meeting to US President Donald Trump.

As per the latest figures of State Bank of Pakistan (SBP) Pakistan’s  exports to USA were recorded at $4,032.9 million whereas the imports during the period stood at $2,092.8 million, showing trade surplus of $1,940.1 million

Founder Chairman Pak US Business Council and Senior Vice President the South Asian Association for Regional Cooperation (SAARC) Chamber Iftikhar Ali Malik have highlighted the need that both the governments should initiate dialogue to tap this trade potential.

“Both the governments have economic agendas; therefore, there should be meaningful and result-oriented dialogues on trade and investment between the two countries,” he said.

He said that United States was the largest trade partner of and the two countries have good potential to enhance cooperation in energy, agriculture and education sectors.

He urged both governments for facilitating their entrepreneurs to strengthen collaboration for achieving mutually beneficial outcomes.

He said both countries should focus on developing sector-specific cooperation between their private sectors that would help in increasing two-way trade.

He urged the US for removing all trade barriers including strict visa conditions for promoting bilateral trade up to real potential adding that the US should also encourage its investors to visit Pakistan for exploring business opportunities.

APP