Good governance, long-term capacity building, and market-based policies are the keys to a thriving private sector and sustained economic growth. These views were expressed by US Deputy Assistant Secretary of State Ervin Massinga during his discussion with the members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) here on Friday.

Ervin Massinga praised Pakistan for implementing reforms that will strengthen its long-term economic fundamentals. Such reforms, he noted, are necessary for Pakistan to boost growth, attract private capital, and expand exports. He urged business leaders to work with the government to undertake additional reforms to improve the ease of doing business and comply with international standards for anti-money laundering and countering terror finance.

Participants discussed opportunities for enhanced trade and collaboration between the United States and Pakistan. Bilateral trade reached an all-time high of $6.6 billion in 2018. The United States is Pakistan's top destination for exports, buying $3.7 billion of Pakistani products last year.

Ervin Massinga highlighted several areas of opportunity for Pakistan's manufacturers. He noted that under the U.S. Generalized System of Preferences, Pakistani companies can export eligible items duty-free, including many manufactured items and agricultural products, a fact underlined by the significant growth of exports in these areas over the last five years. He said the United States is right there to work with Pakistan towards shared prosperity.

The United States has always viewed a strong, prosperous, independent Pakistan. The US-Pakistan two-way trade reached the all-time high of $6.6 billion in 2018. The United States was Pakistan's top export market. "We believe there's a lot more room for growth and the United States is looking for practical, market-based ways to expand that trade and investment and wants to collaborate with Pakistan to do so", he said.

To help grow this potential, the U.S. Department of Commerce is aiming to organize about 10 Pakistani buyer delegations to the United States and five regional trade shows in 2020 he said.

U.S. businesses see tremendous investment opportunities for partnerships in Pakistan. Cargill's recent announcement of plans to invest an additional $200 million in Pakistan's agricultural sector brings not only capital, but also processes and technologies. With this added capital, Cargill will expand its global expertise in the edible oil, dairy, meat and animal feed businesses - to the benefit of both Pakistan and the United States.

"United States is committed to the future of Pakistan through our economic cooperation. Through our joint efforts, we've increased exports and imports in critical areas that will provide mutual benefits to both Pakistanis and Americans for the future.

We are committed to developing further trade ties, investments in energy, in technology and the digital economy, and providing developmental assistance that will build the right conditions in Pakistan to support economic growth for the twenty-first century. We are encouraged by Pakistan's efforts to develop market-based policies and follow international norms to develop future trade and investment opportunities and urge Pakistan to remain resolute in these efforts."

President FPCCI Engineer Daroo Khan welcomed the gusts and discussed issues related to bilateral trade.