In order to accelerate conclusion of the Bilateral Investment Treaty between the US and Pakistan, the latter has urged the Assistant United States Trade Representative Douglas Alan Hartwick to convene the Trade and Investment Framework (TIFA) Council meeting at the earliest with highest-level participation from the US.
The treaty will provide impetus to trade between the two countries.
This and other issues such as Reconstruction Opportunity Zones (ROZs) and Agreement (TIFA) came up for discussion when the AUSTR Douglas Alan Hartwick called on Commerce Minister Humayun Akhtar Khan Thursday.
Incidentally the last TIFA meeting was held in September, 2004 in Washington DC and now Islamabad is scheduled to hold the meeting.
Pakistan was keen on Free Trade Agreement as expressed by the Khan as US was an important export market for solving its economic situation and thus eliminate extremism prevailing in his country.
Reconstruction Opportunity Zones (ROZs) — an initiative announced by the US president during his recent visit to Pakistan will offer entry of goods from Pakistan in to USA without duty on satisfying the agreed rules of original stipulation.
As regards exports from Pakistan, figures went up 13.2 percent during 2005 as against the figures in 2004 that mainly featured textiles and apparels, exports of which rose by 14 percent.
According to the latest data, exports during January 2006 as against the previous year same period, recorded textiles and apparels exports growth by about 46 percent.
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