Bilateral Investment Treaty can spur US-Pakistan economic ties: Negroponte
Associated Press of Pakistan
Bilateral Investment Treaty can spur US-Pakistan economic ties: Negroponte
6 May 2008
WASHINGTON, May 6 (APP): A top US diplomat has said the conclusion of a bilateral investment treaty with Pakistan would bolster economic and trade ties between the private sectors of the two countries.
“One of the ideas we have been pursuing with the Government of Pakistan is a bilateral investment treaty, which we think, if concluded, could give a boost to our economic relationship and trade between our two countries,” Deputy Secretary of State John Negroponte said.
The two countries have been negotiating details to conclude the BIT in recent years and efforts in this respect are likely to advance as the new government seeks to expand international trade and economic opportunities for sustainable high growth.
The United States is Pakistan’s largest trading partner.” We hope to increase bilateral trade and investment ties in response to Pakistan’s economic reforms,” Negroponte said.
“We are enhancing our capacity-building assistance to strengthen private sector competitiveness and expand Pakistan’s integration with regional and global markets. Because economic development requires assured energy supply, we are working with Pakistan to help it overcome its current energy crisis. These steps can help move Pakistan down the path to stability and prosperity.”
The US official also referred to the administration’s efforts towards establishment of Reconstruction Opportunity Zones, which, he said, will also help expand trade between the two anti-terror partners.
“We would strongly urge the Congress to pass this ROZ legislation which could also help be a real stimulus to trade and investment in Pakistan,” Negroponte told a Washington think tank.
A requisite legislation has been introduced in the US Senate on the preferential trade program, which will cover entire Afghanistan and parts of Pakistan. Certain products from these zones would be brought to the US duty-free.
