Prime Minister Shaukat Aziz said on Saturday that Pakistan accords high priority to its trade and commercial relations with the US and finalisation of the Bilateral Investment Treaty (BIT), for providing an institutional framework for comprehensive economic partnership, will further strengthen these ties.
He was talking to Frank Lavin, US under-secretary for International Trade, US Department of Commerce who called on him at Prime Minister House on Saturday morning.
The Prime Minister said, the Bilateral Investment Treaty (BIT) which will also open doors for Free Trade Agreement (FTA) needs to be finalised soon.
He said, finalisation of the BIT will enhance the volume of trade between the two countries and as a result more employment opportunities and business activities will be generated in the country.
The Prime Minister appreciated the plans to set up reconstruction opportunity zones (ROZs), saying, ROZs will contribute to the overall economic uplift of commercially depressed zones and less developed areas. He said it will improve infrastructure of the area and generate more jobs and better facilities of life.
Appreciating the proposal to set up ROZs, which is under process, the Prime Minister said goods manufactured in ROZs will be exported to the US markets on preferential terms.
The issues related to Intellectual Property Rights (IPR) also came under discussion. The Prime Minister said, Pakistan has been making steady progress on the issue of IPR. He said, a dedicated organisation, Intellectual Property Rights Organisation of Pakistan (IPOP) has been set up to deal with the issue in a focused manner and Pakistan has made progress in this sector. He said, IPOP will gradually evolve into an effective organisation.
Frank Lavin appreciated the economic recovery achieved by Pakistan. He said structural reforms implemented by the government have put the country's economy on the path of sustainable development. He said the reforms were essential for Pakistan to meet the challenges of globalisation.
Frank Lavin assured the Prime Minister of progress on BIT and ROZs. He said BIT will be finalised and it will be based on the mutually agreed criteria.
He said that finalisation of ROZs and BIT are among the important steps being taken as a follow up of the visit of US President George W. Bush to Pakistan and it will contribute to further deepening of trade and commercial relations between the two countries. The meeting was attended among others by Humayun Akhtar Khan, Minister for Commerce and senior officials.
Comments
Comments are closed.