Trade And Investment Agreement Between USA And Pakistan Restored After 8 Years


ISLAMABAD: After eight years, the Pakistan-US Trade and Investment Framework Agreement (TIFA) Council conference will take place in Washington, DC, with Federal Minister of Commerce Syed Naveed Qamar serving as co-chair.

The goal of the Trade and Investment Framework Agreement (TIFA), according to a press release from the commerce ministry, is to strengthen the friendship and spirit of cooperation between the two nations; to advance both nations’ international trade and economic interrelationship; and to recognise the significance of fostering an open and predictable environment for global trade and investment.

As well as recognising that this agreement was made without prejudice to each party’s rights and duties under the Marrakesh Agreement, it also aims to take into consideration the two nations’ participation in the World Trade Organization (WTO).

The US and Pakistan would reaffirm their desire to encourage an inviting investment climate and increase trade in goods and services in accordance with the terms of this agreement by establishing the WTO and the agreements, understandings, and other instruments relating thereto or concluded under the auspices of the WTO.

It also stated that both nations would take the necessary steps to promote and facilitate trade in goods and services and to create favourable circumstances for long-term growth and diversification.