In a press briefing on Thursday, US State Department Spokesperson Ned Price highlighted the importance of the US-Pakistan trade relationship, citing the devastating floods that hit Pakistan last year as a reason for the relationship’s crucial role in the country’s economic recovery.
Price noted that the Trade and Investment Framework Agreement (TIFA) Council ministerial meeting hosted by US Trade Representative Ambassador Tai was an example of the US commitment to deepening economic and commercial ties with Pakistan.
Price stated that a strong trade relationship between the US and Pakistan was more important than ever to support Pakistan’s economic stability as it recovers from the floods.
He also noted that the relationship provided opportunities for American businesses to expand into Pakistani markets.
The US has been Pakistan’s largest export market for years, and Price emphasized that there was potential for even further growth.
Price also discussed the potential for expanding bilateral trade with Pakistan in areas such as energy, agriculture, franchising, retail trade, and information and communications technology products and services.
He noted that the US has been a leading investor in Pakistan for the past two decades, with investments increasing by 50% in the past year alone.
US investment in Pakistan is at its highest level in over a decade, and American companies are among Pakistan’s largest employers, with roughly 80 US companies directly employing more than 120,000 Pakistanis.
In addition to economic concerns, Price also addressed the ongoing terror threat in Pakistan. He stated that the US engagement with Pakistan was rooted in the shared interest in combating terrorism, which has taken many innocent lives in Pakistan and Afghanistan.
Price emphasized the need for the Taliban to uphold their commitments and for terrorist groups such as Daesh, TTP, and al-Qaida to no longer pose a threat to regional stability.
Overall, Price’s remarks highlight the importance of the US-Pakistan trade relationship for both economic stability and security concerns.
As the US continues to invest in Pakistan and expand bilateral trade, it is likely that the relationship between the two countries will continue to strengthen.