Finance Minister Ishaq Dar in his meeting with Michael Froman, USTR at Washington, recalled the successful Trade and Investment Framework Agreement (TIFA) discussion held earlier in May this year. He said the government of Pakistan is forming an inter-agency team to review the new BIT text with the US government and look forward to its early conclusion.
The US side looked forward to working with Pakistan towards next Business Opportunities Conference early next year. Froman said that the USTR office would work with Pakistan in the Implementation strategy of the Joint Action plan. He proposed to organise a Business Week in Pakistan at the time of next Business Opportunities Conference encompassing aspects of the Joint Action Plan.
Dar said that US-Pakistan Trade and Investment Framework Agreement (TIFA), is the key vehicle for promoting US investments in Pakistan. He said the government of Pakistan looks forward to working with USTR on the implementation strategy for the Joint Action Plan. The minister said the guiding principle of the current government was to promote trade rather than aid and to that effect to seek to work with the US towards enhanced market access opportunities for Pakistan.
The Finance Minister expressed his desire for an early renewal of US GSP Programme. He thanked the USTR office and the US Department of Agriculture/APHIS for extending Pakistan additional facilities at Houston and Mississippi, thereby permitting entry of Pakistani mangoes and other agricultural products into the US market. He appreciated the US interest in the early conclusion of BIT. Dar also met Justine Greening, British Secretary of State for International Development at Washington.
He apprised Justine Greening about the losses due to flash floods in Pakistan. He also briefed her about the operation in North Waziristan adding that the government gave a chance to dialogue till the very end but failed to get positive results which is why it had to go for the operation which was supported by all segments of the society. The operation, he said will incur a huge financial bill, especially for the rehabilitation stage costing the national exchequer close to $1.5-2 billion. The government at present is helping the affected in the form of food, other amenities and cash for their sustenance.
The Finance Minister apprised Greening about the recent meeting in Islamabad in which many of the international agencies and friendly countries suggested to appeal to the national community for assistance in taking care of the flood losses. He said a UN-sponsored Rehabilitation Need Assessment (RNA) will be conducted by October 30th to estimate the losses. Despite all odds, the Finance Minister noted that the government plan of economic revival is on track and all economic indicators are positive.
He hinted at the negative impact of uncalled for domestic turbulence impacting the government's efforts for revival of the economy especially delay in the launch of the Islamic Sukuk bonds which would have helped the build up targeted reserves of $15 billion. The Finance Minister reiterated an invitation to Justine Greening to visit Pakistan with a delegation of investors from UK. She said she looked forward to the visit. She appreciated government's handling of the protestors in Islamabad and continued progress on the economic front, despite all odds. She opined that the people of Pakistan are keeping faith in the Government they have elected and that the government is moving in the right direction despite disruptive politics.
She offered to join hands with the Government of Pakistan to boost investor confidence. She said the tax reforms undertaken by the Government of Pakistan were very well received in the UK. She also appreciated the efficacy of the Income Support Fund, which targets the most vulnerable segment of the society. On regional connectivity the Finance Minister expressed his hope that he will be able to reach an agreement with the Afghan Finance Minister on the issue of transit fee regarding CASA 1000, when he meets him on the sidelines of IMF/World Bank meetings. The Finance Minister congratulated Greening on Scotland's decision to stay in the United Kingdom in the Scottish independence referendum.
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