Trade with US to increase multifold from existing $6bn: Business community

Usama Fayyaz July 26, 2019

ISLAMABAD: The business community of Pakistan has expressed the hope that trade volume between Pakistan and United States would increase manifold from the existing level of $ 6125.862 million.

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

As per the latest figures of State Bank of Pakistan (SBP) Pakistan’s  exports to USA were recorded at $ 4032.998 million whereas the imports during the period stood at $2092.864 million, showing trade surplus of $ 1940.134 million

Talking to APP, Founder Chairman Pak US Business Council and Senior Vice President The South Asian Association for Regional Cooperation (SAARC) Chamber Iftikhar Ali Malik  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 Pakistan 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.

The exports of Pakistan to US increased by 4.21 percent from $3869.875 million to $ 4032.998 million.

Copyright APP (Associated Press of Pakistan), 2019

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