+- Pakistan Real Estate Times - Pakistan Property News (https://www.pakrealestatetimes.com)
+-- Forum: Pakistan Real Estate / Property News (/forumdisplay.php?fid=1)
+--- Forum: Latest Pakistan Property & Economic News (/forumdisplay.php?fid=4)
+--- Thread: Top US lobby for cut in tariffs on Pakistani textiles (/showthread.php?tid=3841)
Top US lobby for cut in tariffs on Pakistani textiles - LahoreEstate - 03-26-2009 08:20 AM
WASHINGTON (March 26 2009): The top US business lobby Tuesday urged a cut in US tariffs on Pakistani textiles, saying that trade would be a valuable part of the new US strategy to bring stability to Pakistan. The US Chamber of Commerce and US-Pakistan Business Council issued a report welcoming President Barack Obamas focus on rooting out extremism in Pakistan and neighbouring Afghanistan and urging an emphasis on trade.
US Chamber of Commerce and US-Pakistan Business Council have issued a report welcoming President Obamas focus on rooting out extremism in Pakistan and Afghanistan and urging an emphasis on trade. "Stronger and more stable economic relations between the United States and Pakistan would help advance Americas overarching geopolitical goals in South Asia," the business groups said in the report.
The United States is the largest investor and market for Pakistan, which in November required a 7.6-billion-dollar emergency credit line from the International Monetary Fund as world economic crisis hit the nation. The business groups urged a review of US tariff policy on Pakistan, saying that the duties on Pakistani textiles were higher than those from other key producers.
The report also backed a proposal by two lawmakers - Senator Maria Cantwell and Congressman Chris Van Hollen - to make certain products made in the impoverished Afghan-Pakistan border regions duty-free. In the long term, the United States should consider entering negotiations on a free-trade agreement with Pakistan, the groups said.
"Although the United States stresses the importance of economic growth in Pakistan, American trade policy fails to provide increased market access for Pakistani products in the United States," the report said. The report supported early legislation on the initiative of establishing reconstruction opportunity zones in the Pakistani border regions with Afghanistan, saying the move would provide incentives for investment in the impoverished areas by allowing duty-free export to the United States.
The two organisations applauded Kerry-Lugar initiative in the Senate to triple economic assistance for Pakistan to 1.5 billion dollars annually. They also emphasised bolstering the availability of the US Export-Import Bank and other government financing and insurance to stimulate American private sector investment in Pakistans energy sector.
"In addition to its strategic elements, a broad-based relationship with Pakistan needs to include enhanced co-operation in the areas of trade and vestment and energy security," said Chambers Senior Vice-President of International Affairs and member of the board of directors of the USPBC Myron Brilliant.
"We are actively working with both governments to strengthen our economic ties." The United States is the largest trading partner of Pakistan. Pakistans port total exports in 2007-08 financial year totalled 19 billion dollars, of which 20 percent or 3.7 billion dollars went to the United States.
The US exports to Pakistan rose to nearly two billion dollars in 2008. "Our report also urges the US government officials to work with Pakistan to address bilateral trade and investment opportunities," said Chairman of the board of directors of the USPBC Jay Collins.
"Our members stand ready to contribute to efforts to expand commercial relations between the two countries." Also, the leaders of the two organisations urged the Department of Homeland Security to provide expeditious approval for non-stop flights to the United States from Pakistan as direct flights from Lahore to New York would facilitate trade and investment links. The following are the key recommendations for the Obama administration and members of Congress:
-- Obtain passage of the US foreign assistance legislation, showing that the United States is committed to ensuring Pakistans long-term prosperity.
-- Address trade and investment practices with Pakistan to ensure that American companies find a level playing field.
-- Approve legislation creating reconstruction opportunity zones (ROZs) to promote economic development in Pakistan.
-- Conclude a high-standard bilateral investment treaty with Pakistan to provide safeguards for the US investors.
http://www.brecorder.com/index.php?id=11923&currPageNo=1&query=&search=&term=&supDate=