Federal Minister of Commerce Syed Naveed Qamar will co-chair the Pakistan US TIFA council meeting which is to be held in Washington DC after eight years.
The purpose of the Trade & Investment Framework Agreement (TIFA) is to enhance the bonds of friendship and spirit of cooperation between the two countries, promote both countries’ international trade and economic interrelationships, and recognize the importance of fostering an open and predictable environment for international trade and investment.
It also takes into account the two countries’ membership in the World Trade Organization (WTO) and notes that this agreement is without prejudice to each party’s rights and obligations under the Marrakesh Agreement.
It establishes the WTO and the agreements, understandings, and other instruments relating thereto or concluded under the auspices of the WTO.
US and Pakistan will affirm their desire to promote an attractive investment climate and expand trade in products and services consistent with the terms of this agreement.
Both countries shall take appropriate measures to encourage and facilitate the exchange of goods and services and to secure favorable conditions for long-term development and diversification.
Furthermore, both countries will work on United States-Pakistan Council on Trade and Investment, which will be composed of representatives of both countries.