WASHINGTON: Pakistan and US have announced a joint action plan to expand the bilateral trade and investment flows over next five years, ARY News reported.
The decision was made in the meeting of the US-Pak Trade and Investment Framework Agreement (TIFA) held in Washington on Tuesday.
Engineer Khurram Dastgir Khan, Pakistani Commerce Minister led the Pakistan delegation while US Trade Representatives, Michael Froman represented the US delegation.
According to sources, during the TIFA meeting, the two leaders discussed a variety of trade and investment issues and to chart a path forward on improving bilateral trade and investment flows over the next five years.
Among the areas of co-operation included in the Joint Action Plan are diversifying agricultural production, enhancing intellectual property protection, implementing the World Trade Organization (WTO) Trade Facilitation Agreement, engaging on Pakistan's accession to the WTO Government, Procurement Agreement, increasing trade in services, outreach to US State and Local Governments, promoting entrepreneurship and increasing dialogue between the private sectors.
Both governments will immediately begin work on implementing the Joint Action Plan.
The Pakistan and US established a bilateral working group to meet regularly to oversee implementation of the Joint Action Plan and to monitor progress in specific areas, the official statement said.
U.S. Trade Representative, in his welcoming speech, said trade with Pakistan ensured profitable jobs in US and it will provide many chances to the US workers.
Khurram Dastagir praised the joint action plan saying “the plan will add a new chapter in the trade and economic relations of the two countries”.