US State Department says a “robust trade relationship” between the US and Pakistan is critical to bolstering the latter’s economic stability.
“We believe that a robust trade relationship between the United States and Pakistan is more important than ever to bolster Pakistan’s economic stability as it recovers from devastating floods, while at the same time also providing an opportunity to Americans and to American businesses in this country, exposing them to new markets — Pakistani markets in this case,” State Department spokesperson Ned Price said during a press briefing yesterday.
Price said the US has long been Pakistan’s largest export market, with potential for even further growth. “And we believe there is great potential to expand bilateral trade with Pakistan further, particularly in energy, agricultural equipment and products, franchising, retail trade, information, and communications technology products and services”.
Price stated that the United States has been a major investor in Pakistan for the past two decades, with investments increased by 50 percent in 2022. “US corporations have announced more than $1.5 billion in investment plans in Pakistan since 2019,” he remarked.
He further said, “US companies and their local affiliates, moreover, are among Pakistan’s largest employers, with roughly 80 US companies directly employing more than 120,000 Pakistanis”.
These comments from the US State Department come after Pakistan’s Foreign Office clarified its stance on Chinese investments influencing the South Asian economy.
Pertinently, the two countries held their first ministerial-level meeting of a Pak-US trade and investment body in seven years on Thursday, with Commerce Minister Syed Naveed Qamar seeking greater cooperation in the IT sector.
