Commerce Minister to co-chair PAK-US TIFA Council meeting

Islamabad: Federal Minister Commerce Syed Naveed Qamar, will co-chair Pakistan-US Trade and Investment Framework Agreement (TIFA) Council meeting to be held in Washington DC after eight years.

According to press statement issued by the commerce ministry, the purpose of Trade and Investment Framework Agreement (TIFA) is to enhance bonds of friendship and spirit of cooperation between the two countries; promote further both countries’ international trade and economic interrelationship and recognize the importance of fostering an open and predictable environment for international trade and investment.

It is also aiming to take into account the membership of the two countries in the World Trade Organization (WTO) and note that this agreement was without prejudice to each party’s rights and obligations under the Marrakesh Agreement.

Establishing the WTO and the agreements, understandings and other instruments relating thereto or concluded under the auspices of the WTO, US and Pakistan would affirm their desire to promote an attractive investment climate and expand trade in products and services consistent with the terms of this agreement.

Both countries would take appropriate measures to encourage and facilitate the exchange of goods and services and to secure favorable conditions for long-term development and diversification, it added.