Pakistan and the United States have agreed that it is important "to quickly complete" the Bilateral Investment Treaty (BIT), "and perhaps, use high level visit in the near future, to sign the treaty also." "And, it would send a very important signal to the investors in the US," sources told APP.
Visiting Federal Commerce Minister Humayun Akhtar Khan held a meeting with the United States Trade Representative (USTR) Rob Portman, which the sources later described as "highly important."
With Ambassador Portman, it was "a very detailed meeting" at which, the Minister essentially followed up on President Musharraf's proposal for deepening economic relations in bilateral Free Trade Agreement (FTA).
The two sides came up with "constructive proposals" how to address some of the issues that impede progress on an FTA, address some of the concerns that some political circles may have in the US pertaining to FTA."
What Pakistan President said was that essentially we are concerned about Pakistan's competitive textile industry, and what it would do to the domestic industry. "In that sense, it was a very important meeting."
The Commerce Minister and the USTR also discussed the Hong Kong Ministerial meeting, and there are a lot of common agenda items in which the US and Pakistan government have common interests "and, the two governments have agreed to work together for the success of the Hong Kong Ministerial."
"This morning the secretariat in Hong Kong has designated the Minister of Commerce as the facilitator for NAMA negotiations, which is a very great honour for the country."
The other meeting of the Commerce Minister on Tuesday was with Deputy National Security Advisor at the White House, Faryar Shirzad.
"The Commerce Minister talked about the President of Pakistan's objectives for deepening relations, and how this is a strategic objective which is important for stability in Pakistan's poverty alleviation, and which will underpin the future relationship between Pakistan and the US."
The deputy of the US President assured that the US government itself is highly interested in deepening of bilateral economic relations and is looking at various ways of furthering this in future, "and certain actual ways of addressing these issues were discussed during these meetings."
Earlier, Commerce Minister met American Apparel and Footwear Association President Kevin Burke - they are major importers of Pakistani goods. "We talked about various ways of promoting Pakistani goods into US, and the meeting looked into future trends of market."
In the afternoon, Humayun Akhtar Khan addressed the US Chamber of Commerce and met large private businesses. There were discussions about how to increase investments into Pakistan, how to increase the trade.
It was indicated that early next year "an executive mission" of the US Chamber is expected to visit Pakistan."
Earlier at a breakfast meeting with mainstream US print and electronic media representatives, the Commerce Minister spoke on improving Pakistan-US trade relations. Among others, Ambassador Jehangir Karamat was present.
Humayun Akhtar Khan leaves here on Wednesday morning for Los Angeles and New York.
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