Islamabad on Monday called for a sustained Pakistan-US strategic partnership, with its Finance Minister arguing that the past periods of estrangement due to non-economic considerations signify that the relationship based on strong mutual economic interests would help found long-term ties.
Dr Abdul Hafeez Shaikh said the economic relations between the two nations have survived vicissitudes of the world and regional politics but still can lead to enormous gains on both sides if the existing potential is realised through sustained co-operation. He billed the post-9/11 engagement between the two countries as vital and critical to regional and world security.
"Pakistan-US relationship has gained significance that it never had before. It is seen as important for the strategic security of the region and the whole world." "The relationship should be (based) on more solid footing, should be more sustained, which is not subject or vulnerable to shocks," Hafeez said at an interaction with American intellectuals at Woodrow Wilson Center. Director Asia Programme Robert Hathaway conducted the discussion.
He felt that both Washington and Islamabad appear to have realised that they are "entering a new era" and said one of the reasons for variations in the bilateral relations in the past was that it was "founded on non-economic considerations." "This is one of the lessons we have to draw and this is an area which we have to focus on. I think we are trying to remedy that and we will see how it unfolds." He cited sustained level of commerce between Pakistan and the United States over decades, US direct investment in Pakistan and inflows of remittances from the United States.
Dr Shaikh appreciated the current US administration's recognition of the economic dimension of the relationship. He lauded the Obama Administration for its recognition of the importance of a strategic partnership. Shaikh spoke on US-Pakistan Economic Relations ahead of his meetings with US officials on strengthening bilateral relations.
Islamabad, he said, wants to expand trade ties with the United States and has no desire to rely on aid forever. Without being dismissive of the importance of US aid like Kerry-Lugar-Berman Assistance for Pakistan, Shaikh pointed to the need for quick disbursement of the Kerry-Lugar funds.
Dr Shaikh also reiterated Pakistan's call for progress on the long-sought preferential trade access for Pakistani products to the US market and particularly emphasised that any barrier in the way of that goal must be overcome. "We are saying let us have trade...let us open our markets for each other...this is the message we want to give...if we ought to break some stereotypes we have to (overcome them)...if there are barriers they need to be tackled."
While stressing the importance of forging long-term ties, Shaikh said there needs to be a reflection on the past estrangements when the US walked away repeatedly from the region, which in the last case led to tragic consequences. "The need to learn from our past as well as recent experiences to shape and configure the relationship to fulfil expectations of both the parties is more critical than it has ever been."
Dr Shaikh held out a firm commitment to facilitate US investors and identified communication, energy and agriculture as among the sectors that offer huge business opportunities. In answer to a question about the need for agreeing on an investment treaty between the two countries, he said Pakistan is not an unchartered territory for US corporate and business sector and there is a history of successful American businesses in the country.
The finance minister also apprised the gathering of Islamabad's commitment to economic reforms, revenue generation and said a host of positive trends including exports likely crossing unprecedented $24 billion, remittances also soaring to historic highs of $11 billion and highest foreign exchange reserves position, augur well for economic stability. Shaikh said despite catastrophic floods last year, Pakistan will have bumper wheat and cotton crops this year, which will encourage economic development in rural communities.