Karachi, 10 September 2022 (TDI): The Counsellor of the Department of State, US, Derek Chollet visited Karachi Port in Pakistan to strengthen trade relations. He also learned about commercial opportunities between US and Pakistan.
The U.S. and Pakistan collaborate in many ways to develop linkages with U.S. ports and maritime institutions. Visited Karachi Port to continue our trade relations and learn about commercial opportunities. Last year, total bilateral trade was $8.9 billion. pic.twitter.com/s3wRqjCY0C
— Derek Chollet (@CounselorDOS) September 9, 2022
Remarks by US Chancellor
He remarked that Pakistan collaborates in many ways to develop linkages with US ports and maritime institutions. He highlighted that total bilateral trade was $8.9 billion, last year.
United States is committed to promoting U.S. business and investment in Pakistan through a wide range of advanced services, products, and programs.
He underlined that during his visit, Pakistani business and financial leaders shared ways to strengthen economic partnerships and bilateral trade.
Also read: US Counselor travels to UAE and Pakistan
Pakistan- US Economic Relations
The United States has long been Pakistan’s greatest export market, importing more than $5 billion worth of Pakistani goods in 2021, significantly more than any other nation.
In addition, the United States has been Pakistan’s largest investor for the previous two decades.
The most recent fiscal year saw a 50 percent growth in U.S. direct investment in Pakistan, reaching its highest level in almost a decade.
Consumer products, chemicals, energy, agriculture, business process outsourcing, transportation, and communications account for the majority of U.S. investments.
The United States has worked to strengthen its commercial connections between both countries.
The cooperation has been done notably through the participation of senior U.S. officials from the United States Department of Commerce, the Department of State, and the U.S. International Development Finance Corporation (IDFC).
The Pakistani government officials have also helped in increasing bilateral cooperation.
The United States has also been working on the aspects of Pakistan’s economic climate that require improvement, including regulation, intellectual property protection, and taxation.
Pakistan is currently the US 56th largest goods trading partner with $6.6 billion in total goods trade during recent years. Goods exports totaled $2.6 billion and goods imports totaled $3.9 billion.
