The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, has called for Pakistan to capitalise on its growing trade relationship with the US, aiming to double trade volumes in the coming years. Pakistan currently enjoys a bilateral trade surplus with the US, with trade exceeding $7 billion in 2023 and reaching $6.3 billion in the first ten months of 2024.
Sheikh emphasised the significant potential for expanding exports, particularly through rising demand for Pakistani products, robust IT exports, and the diversification of export portfolios. Notably, IT exports have surpassed $1 billion, while textiles account for 55% of exports to the US. Efforts to expand into pharmaceuticals, jewellery, and human resource exports mirror strategies successfully employed by neighbouring India.
Pakistan’s Ambassador to the US, Rizwan Saeed Sheikh, and Minister for Trade and Investment Hanif Channa are spearheading initiatives to strengthen economic ties. These include outreach to the US Congress, Senate, and federal administration, alongside state-level engagements. The FPCCI president highlighted the importance of renewing and expanding the US Generalised System of Preferences (GSP) program to enhance trade benefits.
Senior FPCCI official Saquib Fayyaz Magoon stressed the importance of maintaining quality standards, compliance, and regionally competitive business costs, particularly in financing and electricity tariffs. He urged the government and private sector to take proactive measures to bolster export competitiveness.
Ambassador Saeed Sheikh pointed to the critical role of Pakistan’s one-million-strong diaspora in the US, with 40,000 doctors and plans to export additional skilled professionals like nurses and pharmacists. He underscored the economic significance of US states like California and Texas, ranked as the world’s fourth and sixth largest economies, respectively, and noted that economic diplomacy offers a pathway to strengthen bilateral relations amid political challenges.
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