ISLAMABAD: Pakistan and the United States have relaunched the Trade and Investment Framework Agreement (TIFA) process to promote trade and investment between both countries.
Assistant US Trade Representative (AUSTR) for South and Central Asia Christopher Wilson made the announcement during an official visit to Islamabad. “We succeeded in re-launching the TIFA…. we feel quite satisfied,” he said in a virtual press talk with a selected group of journalists after holding negotiations with ministry of commerce, adding that a number of challenges that needed to be overcome were discussed in the meetings.
He said the purpose of their visit to Islamabad was to principally cover some meetings related to TIFA mechanism that US had negotiated with Pakistan some years ago. The mechanism provides a structure for both the governments to engage in future trade and investment. He was of the view that there had not been a lot of activity under the TIFA for several years, so it was important to revive and effectively relaunch the process.
Wilson said, during the meetings, issues related to trade, market access, workers’ rights and regulatory practices were discussed. He said, both sides felt these meetings to be productive and realized the importance of relauching TIFA process, which has a lot of value for both governments. He expressed the hope that this process would be sustained at AUSTR level and potentially at the level of trade ministers of both countries.
US Congress considering GSP status
To a question, he said Pakistan had been beneficiary of the US Generalized System of Preferences (GSP). He said since the GSP was expired, neither Pakistan nor any other trading partner of US was receiving those trade preferences. He said the US congress was currently considering the reauthorization and renewal of GSP programme.
To a question, he said the current discussions were completely focused on trade and economic issues and there was no political discussion. He underscored the purpose of his visit was for reinforcing the trade and economic dimension of the relationship between US and Pakistan,
He said there was no discussion on Bilateral Investment Treaty (BIT) adding that the US delegation received updated information form the government of Pakistan on legal framework for intellectual property and undertaking of enforcement for ensuring intellectual property rights. He was of the view that both the countries can and should expand bilateral trade relationship for mutual benefit.
