US Urged To Extend Scope Of Duty Free Market Access US Bill To Entire Pakistan

Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and Pak-US Business Council Wednesday urged the US to extend the scope of zero duty free market access US Bill to whole of Pakistan rather than specifically focusing exclusively on war torn border areas

LAHORE, (UrduPoint / Pakistan Point News - 5th May, 2021 ) :Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and Pak-US Business Council Wednesday urged the US to extend the scope of zero duty free market access US Bill to whole of Pakistan rather than specifically focusing exclusively on war torn border areas.

It was stated by Iftikhar Ali Malik, founder Chairman Pak-US Business Council and President SAARC Chamber of Commerce and Industry here while chairing high level core committee meeting of United Business Group. Prominent among others were FPCCI Vice Presidents Muhammad Arif Yousaf Jeewa, Raja Muhammad Anwar, Adeel Siddiqui and Muhammad Nawaz.

He said US Senate moved a bill "Pakistan-Afghanistan Economic Development Act" on last Friday to establish duty-free export zones along the Pak-Afghan Border. There must be an incentive package for Pakistan in this bill for being a front-line state in combating terrorism with the US," he added.

He said Pakistan suffered colossal economic losses running in trillions of Dollars in war on terrorism in the region.

Iftikhar Ali Malik said that Pakistan has been hosting 2.7 million Afghan refugees for over the last four decades besides laying down the highest number human lives against war on terror. The entire world acknowledged Pakistan's historic sacrifices.

He said that whole of economic structure of Pakistan was badly collapsed in war against terror.

He said entire business community hoped that in principle under new era, Pakistan would be provided free market access to United States at zero duty and the US private sector would further enter into joint ventures in economic sphere.

Iftikhar Ali Malik said, "We need expansion of the scope of new US Senate Bill to whole Pakistan and to opt the model of joint ventures on the pattern of Egypt and some African countries to enhance trade ties with biggest economies like the US." He said Pakistan had been keen to explore potential trade concessions as it could import more US cotton in return for preferential US market access for its apparel export.

Iftikhar Ali Malik said new US leadership should remove the bottlenecks in bilateral investment treaty and efforts be made on priority to better FTA and it is now imperative that US should offer same package and incentives which it offers to Bangladesh and Sri Lanka in textile exports, such as duty concessions and market access.

Concluding, he said, visa restrictions should be eased for the Pakistani businessmen and exporters and joint efforts are needed to further cement the existing economic ties between Pakistan and US private sector. FPCCI VPs fully endorsed Iftikhar Ali Malik and announced to support him in the days to come.