ISLAMABAD – The United States can prove as a huge potential market for exports from Pakistan, with added benefit of increasing the latter’s trade volume.
“Pakistan has good prospects of reaping success in the U.S. markets particularly through export of cotton, meat, soybean, textile and leather,” Adviser to Advisor to Prime Minister on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood told APP.
Dawood this week, will join Prime Minister Imran Khan during his visit to New York to attend the 74th session of the UN General Assembly, and is due to hold sideline meetings with the U.S government’s trade representatives.
Abdul Razak Dawood said he would discuss with U.S officials the matters including investment, market access and Trade and Investment Framework Agreement (TIFA) negotiation.
He said Pakistan would also urge the U.S. to convene a meeting of TIFA Business Opportunities Conference in near future.
The Adviser emphasized that the U.S. was still considered as the largest market for Pakistani exports, however said both countries also needed to focus on increasing their bilateral trade.
He said the U.S. was willing to increase trade and investment with Pakistan by 10 to 15 times.
Exporting the Pakistani engineering goods, sugar, rice, agro-processed products, surgical, pharmaceutical and sports goods and bringing the U.S. investment in food processing sector can ensure high dividends, he said.
He mentioned that the U.S. had shown keen interest to investment in Pakistan’s gas and power generation sectors.
He said trade diversification in engineering goods would increase local exports.
Dawood said the government had also initiated the “Look Africa” policy to facilitate Pakistani exporters to promote their engineering businesses in untapped markets of African countries.
Similarly, the exporters are being encouraged to hit the markets of European Union by making their products competitive, he added.