KARACHI: Pakistan’s Ambassador to the United States, Rizwan Saeed Sheikh has stated that while the relationship between Pakistan and the US has experienced numerous ups and downs during the last 77 years, trade remained consistent, with the US continuing to be one of Pakistan’s largest markets.
“The US is a huge market that simply could not be catered to by any single country alone. Therefore, this is an area where I intend to work hard so that Pakistani products and services can be introduced alongside those of other competing countries”, he added while speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI).
President KCCI Muhammad Jawed Bilwani, Senior Vice President Zia ul Arfeen, Vice President Faisal Khalil Ahmed, Former Presidents Majyd Aziz and Junaid Esmail Makda along with KCCI Managing Committee Members attended the meeting.
Rizwan Saeed further informed that work was underway on a war footing for the revival of Pakistan’s GSP Plus status, which has been confirmed by one of the congressmen who, being part of the committee, assured he would push Pakistan’s case for GSP Plus. This is the right time, as those who opposed GSP Plus status for Pakistan were not elected in this year’s US elections.
President Karachi Chamber of Commerce & Industry (KCCI) presenting crest to Pakistan’s Ambassador to the United States, Rizwan Saeed Sheikh during his visit to KCCI. Senior Vice President Zia ul Arfeen, Vice President Faisal Khalil Ahmed, Former Presidents Majyd Aziz and Junaid Esmail Makda and others are also seen in the picture.
To further improve the existing trade ties, the Ambassador requested KCCI to share research detailing the US companies with which Karachi’s business community is already engaged, as well as those they intend to collaborate with. This would help Pakistan’s Embassy approach these companies to enhance existing trade and explore additional avenues for trade and investment cooperation.
Referring to concerns expressed by exporters on high interest rates and energy tariffs, he assured to convey the business community’s demand to bring down the interest rate to 7 percent and substantially lower the energy tariffs to the high-ups in Islamabad so that Pakistani products and services could remain competitive in the US and other international markets.
Highlighting Pakistan’s geo-strategic importance, he opined that Pakistan, the 5th largest country in terms of population, simply cannot be ignored by the US but it must be viewed through its own lens, rather than from the perspectives of India, China, or any other country. “Pakistan’s textile sector is fully capable of supplying state-of-art products which can be compared easily with any other country of the world and we are also the largest importers of US cotton”, he said, adding that these excellent products can easily penetrate the US market keeping in view the huge size of market.
He further stated that immediately upon assuming office as Pakistan’s Ambassador to the US, one of his top priorities was to hold a meeting with KCCI, recognizing that this Chamber represents a city that plays a pivotal role in Pakistan’s economy. “While Pakistan’s trade can be facilitated through various channels, Karachi stands as the city where the majority of the country’s international trade takes place”, he said, adding that this was a key factor in his decision to initiate a dialogue with KCCI.
While appreciating the valuable insights shared during the meeting, the Envoy emphasized the importance of such dialogues continuing regularly to foster stronger Pakistan-US bilateral trade relations.
President KCCI Jawed Bilwani emphasized the importance of strengthening Pakistan’s economic ties with the United States, highlighting the role of Pakistan’s newly appointed Ambassador in facilitating this process. According to Bilwani, the Ambassador’s experience and diplomatic acumen will be pivotal in enhancing bilateral relations and boosting Pakistan’s exports.
He noted that Pakistan’s economic landscape is showing gradual improvement, making it an ideal time to focus on increasing exports. While exporters have witnessed an uptick in turnover, he pointed out that profitability has been impacted due to the high cost of doing business. Specifically, he cited the elevated energy tariffs and interest rates, which have squeezed margins. Bilwani called for urgent reforms to bring energy tariffs down to 9 cents per unit and reduce interest rates to around 7 percent at the start of 2025 to improve the competitiveness and profitability of Pakistani exports.
President KCCI pointed out that there was a time when Pakistan’s agricultural production, particularly cotton and textile exports surpassed regional competitors like India, Bangladesh, and Vietnam. However, he lamented that Pakistan has now fallen behind due to a series of misguided policies, particularly the failure to focus on value addition. While neighboring countries have made significant strides in enhancing exports, Pakistan’s agricultural sector has not kept pace, largely due to the lack of support, innovation, and investment.
While anticipating extraordinary efforts by Pakistan’s Ambassador to enhance exports to the US, President KCCI extended full support and cooperation to Rizwan Sheikh for all his future endeavors to promote trade and investment ties between the two countries.
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