ISLAMABAD, May 5: US Under-Secretary of State for Trade and Commerce Franklin L. Lavin has urged Pakistan for early addressing the concerns of US companies in order to attract further investment.
He was talking to Commerce Minister Humayun Akhtar Khan here on Friday. During the meeting, issues regarding the next meeting of Trade and Investment Framework Agreement (TIFA), early conclusion of bilateral investment treaty (BIT), free trade agreement (FTA) and intellectual property rights (IPRs) were discussed.
Mr Lavin suggested that Islamabad should arrange a meeting of all US companies working here at a proper forum in order to know their concerns regarding making investment in Pakistan and subsequently devise a mechanism to address their concerns, as it would go a long way in attracting foreign investment in Pakistan.
Similarly, he said Pakistan should identify and negotiate with major US companies that were not presently working in Pakistan and try to address their investment related concerns so that they might also invest in Pakistan. The commerce minister agreed to the proposal.
Mr Khan said Pakistan wished to have seamless connection with the US and the world economy for movement of goods, services and capital. He said it was important to conclude the BIT early, adding that Pakistan had shown considerable flexibility in accepting the USA draft text. “BIT’s successful conclusion rests on one or two outstanding issues, and the US will also show same flexibility so that a convergence of interests may occur,” he added.
The minister said Pakistan had a very keen desire to sign an FTA with the US. He said the FTA with the US would send a positive signal about Pakistan’s policy environment.
On the issue of IPRs, Mr Khan reiterated Pakistan’s commitment to improve IPR environment. He mentioned that last year Pakistan’s Federal Investigation Agency (FIA) was given additional legal cover for the enforcement of IPR laws and Pakistan was successful in almost eliminating optical media piracy — a fact that was recognised in the US by moving Pakistan from priority watch list country to watch list status.
The minister assured Mr Lavin that Pakistan would take all necessary steps to address the IPR issue in the pharmaceutical sector. The minister also expressed his desire for early implementation of reconstruction opportunity zones in the tribal areas of Pakistan.
