ISLAMABAD: The United States of America and Pakistan are likely to hold High Level Economic Dialogue (HLED) from April 29-May 3, 2024 in Washington to find ways for further strengthening economic cooperation, well informed sources told Business Recorder.
According to Ministry of Foreign Affairs (MoFA), the U.S Embassy, Islamabad has conveyed an invitation to the GoP to participate in HLED in Washington, D.C to be led by Jose W. Fernandez, Under Secretary of State for Economic Growth, Energy and Environment.
The issue of Iran Pakistan (IP) gas pipeline will also be raised by the U.S and offer help for other ways of energy sources.
The HLED will facilitate deeper cooperation on economic, energy and environment objectives by serving as the umbrella mechanism for two existing dialogues and one new dialogue, ie, the Energy Security Dialogue; the Climate and Environment Working Group and a new Economic Competitiveness dialogue, which will focus on resolving business and investment climate issues and enhancing women’s economic empowerment.
Energy Security Dialogue to be hosted by Geoffrey Pyatt, State Department Assistant Secretary for Energy Resources, whereas Climate and Environment Working Group to be hosted Tony Fernandes, State Department Senior Bureau Official for Oceans and International Environmental and Scientific Affairs.
Economic Competitive-ness Dialogue to be officiated by Sarah Morgenthau, State Department Special Representative for Commercial and Business Affairs.
The US Pakistan Business Council (USPBC) will organize the 1.5 Track of the US Pakistan HLED on April 29. This will take place ahead of the government-to-government dialogues tentatively scheduled to take place April 30-May 3. The US HLED will be led by the US Department of State and the Pakistan Ministry of Foreign Affairs and include relevant officials from the Government of Pakistan.
The 1.5 Track will provide an opportunity for representatives from the US private sector and academia to meet with the newly elected officials from the Government of Pakistan and the Pakistani business community to provide an overview of priority issues in the Pakistan market and share recommendations to strengthen the bilateral economic and commercial relationship.
Ahead of the dialogue, the USPBC plans to share a paper to the US and Pakistan Governments outlining priority issue and recommendations to strengthen the trade and investment relationship.
USPBS is of the view that on session 1 of April 29 “a roadmap for economic competiveness: macroeconomic stability and women’s empowerment in Pakistan” will provide an opportunity for the Government of Pakistan to share an overview of its plan to stabilize and grow its economy, negotiate a new deal with the IMF and increase women’s economic empowerment. This may also be an opportunity to hear updates from the U.S Pakistan Women’s Council (a public-private partnership between the U.S Department of State and Taxes A&M University) on their efforts to increase women’s economic participation in Pakistan.
This will also be an opportunity to discuss ways the US and Pakistan business community can support Pakistan’s efforts to reform the economy, strengthen economic competitiveness and harness the country’s talent, including women, to foster innovation.
Session II “opportunities for economic growth: investment and regulatory environment in Pakistan,” will be an opportunity for the U.S and Pakistan governments and business community to discuss priority issue in key sectors such as digital economy, financial services, food and beverage and healthcare.
The private sector will also share recommendations and best practices to improve Pakistan’s business and regulatory environment which can further facilitate increased foreign investment, drive economic growth and further create jobs in Pakistan.
Energy Security and the renewable energy transition, climate-smart agriculture and water security dialogue will be for 40 minutes. The government -to-government US Pakistan Energy Security Dialogue was held in March 2023 to discuss cooperation on the transition to renewable energy and to increase women’s participation in the energy sector, among other areas.
This session will provide an opportunity for the U.S. Pakistan governments, experts and private sector representatives to discuss ways and support the two governments’ efforts in advancing the renewable energy transition, enhancing energy and water security and tackling the climate change crisis.
The top brass of US International Development Finance Corporation (DFC) which has dispute with Pakistan on tariff of its five or six renewable projects, will also give a presentation on investment opportunities. The US has already conveyed to Pakistan that new investment in energy sector is linked to resolution of tariff related issues with its power projects. The IMF and World Bank are also urging Islamabad to renegotiate tariff with them.
The officials of USTDA will give presentation on issues related to trade and investment in Pakistan especially on piracy.
Copyright Business Recorder, 2024
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