LAHORE: In a recent meeting, Kristin K Hawkins, the United States Consul General in Lahore, engaged in discussions with the All Pakistan Textile Mills Association (APTMA) to enhance trade and economic ties between Pakistan and the United States.
Leaders from APTMA, including Kamran Arshad, Chairman Northern Zone, and Ahmad Shafi, Vice Chairman, warmly welcomed the US consul general. The talks focused on collaboration in the cotton and textile sector, with a broader aim of expanding trade and investment relations.
Concerns were raised about Pakistan’s declining domestic cotton production, underscoring the need to import over three million bales this year. The USA, a major cotton supplier to Pakistan, is expected to contribute to textile production worth $ 8 billion, primarily for export to the US.
Kamran Arshad stressed the critical role of the textile industry, constituting 62% of total exports. He proposed a mechanism for importing US cotton under GSM-102, with Pakistan’s textile export proceeds serving as collateral.
Highlighting the strength of the textile industry in Pakistan, Arshad mentioned the US as Pakistan’s largest trade partner, with bilateral trade reaching USD 9.85 billion in 2021-22. Pakistan exported $ 6.8 billion to the US while importing $ 3.0 billion.
APTMA advocated for stronger US-Pakistan cotton linkages, promoting toll manufacturing in Pakistan by the US textile industry, and technology transfer for high-yielding cotton seed. Arshad emphasised the importance of joint ventures and collaboration between Pakistani and US investors.
As both nations explore avenues for economic collaboration, these discussions aim to bolster the textile industry, strengthen bilateral trade, and pave the way for sustained economic growth.
Copyright Business Recorder, 2024
Comments
Comments are closed for this article.