During the year 2005, Pakistan exports to the United States increased by 13.2 per cent, totalling 3.3 billion dollars. In 2005, Pakistan imports of US goods were dollars 1.2 billion, 31.2 per cent lower than previous year. According to US official figures, Pakistan is currently the 57th largest export market for US goods.
The US goods trade deficit with Pakistan was dollars two billion in 2005, an increase of dollars 945 million from 1.1 billion dollars in 2004. The stock of US foreign direct investment (FDI) in Pakistan in 2004 was dollars 991 million, up from 790 million dollars in 2003.
The US report on Foreign Trade Barriers released on Friday said the United States and Pakistan "have initiated negotiations" on a Bilateral Investment Treaty (BIT), which, it added would provide "significant protections" for US investors in Pakistan.
It says that three rounds of BIT negotiations were held in 2005, and reports that "meaningful progress" was made "on the basic text of an agreement in early 2006."
Meanwhile, official Pakistan sources and US told APP that BIT was nearing completion. Only "one or two" of its clauses now remain under consideration, while the two sides were determined to finalise it, so that it is formally agreed and inked into an agreement.
On import policies, the report says, since 1998, Pakistan has "progressively and substantially reduced tariffs and liberalised imports."
This effort culminated in June 2002 with the establishment of four maximum import tariff bands of five per cent, 10 per cent, 20 per cent, and 25 per cent. Generally, Pakistan's applied tariffs are below WTO-bound commitments, and the weighted average applied tariff is currently 15.2 per cent, down from 56 per cent in 1994."
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