To increase bilateral commerce and investment, the United States and Pakistan decided to rekindle and revive their commercial ties.
According to a press release from the Ministry of Commerce, the decision was made at a meeting held in Islamabad as part of the Pakistan-United States Trade and Investment Framework Agreement (TIFA).
The Minister of State for Finance and Revenue, Dr. Ayesha Ghaus Pasha, and U.S. Ambassador Donald Blome officially started a program run by the American government to expand trade between the United States and Pakistan.
With room for expansion, the United States has long been Pakistan’s main export market. The United States imported almost $5.3 billion worth of commodities from Pakistan in 2021, according to the U.S. Census Bureau, and American investments in Pakistan increased by 50% in the previous year.
The Investment Promotion Activity (IPA), carried out by the United States Agency for International Development (USAID), is a five-year project that will improve the business climate in Pakistan, increase the capacity of Pakistani institutions dedicated to promoting investments, draw foreign direct investment, and boost bilateral trade and investment between the United States and Pakistan.
The project’s overall goal is to strengthen Pakistan’s capacity for investment promotion in order to lower trade and investment barriers.
