ISLAMABAD: The apex chamber representing Pakistan’s trade, industry and service sectors has announced that its target is it to take the bilateral trade with the United States to $14 billion in the coming years.
Ties growing stronger
The growing trade relationship between Pakistan and the United States has been emphasised by Atif Ikram Sheikh, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). According to the Profit, the volume of bilateral trade between the two countries surpassed $7 billion in 2023 and reached $6.3 billion in the first 10 months of 2024.
He expressed optimism about doubling this volume in the coming years, citing the increasing demand for Pakistani products, rising IT exports, and diversification of the export portfolio.
Chamber’s statement
In a statement issued by the FPCCI, Sheikh emphasized the business community’s belief in the untapped potential of the US market for Pakistani goods and services. “With focused efforts, this trade volume can be significantly increased over a short period,” he said.
Pakistani-American diaspora
Ambassador of Pakistan to the US, Rizwan Saeed Sheikh, pointed out the strong ties between the two nations, underpinned by a large Pakistani-American diaspora of one million individuals. He highlighted that Pakistan is the world’s largest importer of American cotton and shared plans to export 5,000 Pakistani nurses to the US, with pharmacists expected to follow. Additionally, 40,000 Pakistani doctors are already working in the US.
Ambassador Sheikh underscored the importance of economic diplomacy, stating that the economies of California and Texas, ranked as the fourth and sixth largest in the world, present immense opportunities. “What may seem unattainable in political diplomacy can often be achieved through economic collaboration,” he remarked.
Generalised System of Preferences
The FPCCI president urged exporters to stay prepared for potential opportunities, including the possible renewal and expansion of the US Generalized System of Preferences (GSP) programme.
He noted that textiles account for 55 per cent of Pakistani exports to the US, but other sectors are gaining momentum, with IT exports surpassing the $1 billion mark.
