Pakistan and the United States have jointly launched a governments-led initiative to increase trade between the two countries. U.S. ambassador Donald Blome and the Minister of State for Finance and Revenue of Pakistan Dr Ayesha Ghaus Pasha formally launched the program in a ceremony.

The trade potential between the two longstanding allies presents a lot of room for growth since the United States is the largest export partner of Pakistan. In 2021 alone, the United States imported USD 5.3 billion worth of Pakistani goods, according to the U.S. Census Bureau. Similarly, U.S. investments in Pakistan increased by 50% in the previous year alone. 

The initiative known as the Investment Promotion Activity (IPA) will be implemented by the United States Agency for International Development (USAID) on a five-year project basis. It will help strengthen Pakistan’s business environment, improve the capacity of Pakistani institutions engaged in investment promotion, attract foreign direct investment, and increase U.S.-Pakistan bilateral trade and investment.

Overall, the project is aimed at reducing barriers to investment and trade by improving Pakistan’s investment promotion capabilities. Under the project, grants will be given to Pakistani businesses which are interested in doing business between Pakistan and the United States. They will be helped in networking with their potential peers in the United States.

Ambassador Blome said that “Pakistan and the United States enjoy a longstanding relationship of trust, dependency and shared interests. The U.S. has been a leading investor for Pakistan in the past 20 years. We aim to build on our historical relationship to improve economic cooperation between the two countries, increase bilateral trade, boost investment, and improve entrepreneurial and educational opportunities for Pakistanis.”

As part of the U.S. government’s long-term commitment to helping Pakistanis secure a more prosperous future, USAID will be working closely with the Government of Pakistan to streamline its business practices, improve governance, promote regulatory reforms and competition to lower the costs of doing business and strengthen the investment climate for foreign investors in Pakistan. The newly launched imitative will promote opportunities for enhanced trade and investments between the U.S. and Pakistani businesses.

Credit : Independent News Pakistan-WealthPk