PTBP Web Desk
The Senate Standing Committee on Commerce, chaired by Senator Anusha Rehman, significant insights into the trade relationship between Pakistan and the United States were shared by Trade and Investment Officers from Washington and New York. The discussion underscored the United States as Pakistan’s largest trading partner, with the latter exporting goods worth $5.4 billion against imports valued at $1.8 billion.
Pakistan’s economic relationship with the United States has been predominantly defined by the textile sector, which represents the bulk of Pakistani exports to the US. However, during the meeting, it was emphasized that there is a vast untapped potential for other sectors as well. Notably, products like gems and stones, furniture, and pharmaceuticals were highlighted for their significant potential in the American market. Additionally, recent shifts in US policy frameworks have opened new avenues for exporting footwear and seafood items, suggesting a broadening of the trade spectrum between the two nations.
The session also addressed internal legislative matters, particularly the controversy surrounding the non-inclusion of Senator Faisal Rehman and other parliamentarians on the Board of the Trade Development Authority of Pakistan (TDAP). Jawad Paul, the Secretary for the Ministry of Commerce, explained that a 2020 directive from the Law Ministry prevented parliamentarians from serving on the boards of State-Owned Enterprises (SoEs). However, since TDAP does not fall under the SoE category, the Commerce Ministry is seeking Cabinet approval to amend this directive.
Senator Anusha Rehman raised concerns about the inconsistency in the application of these rules, noting the presence of a minister who is also a parliamentarian currently chairing the TDAP board. This situation has led to a perceived policy dichotomy that the Committee aims to resolve. To address these legal ambiguities, the Committee plans to involve the Law Division in future discussions to ensure that the governance of TDAP aligns with both legislative intent and practical business needs.
The committee meeting highlighted the advocacy by Trade and Investment officials to expand the range of Pakistani products entering the US market. The officers provided insights into specific sectors where Pakistani entrepreneurs could gain substantial market share in the US. This strategic push towards diversifying export portfolios is part of a broader effort to enhance Pakistan’s economic footprint on the global stage.
Looking forward, the Committee expressed its intent to receive more detailed briefings from Trade and Investment officials operating in other US states. Such briefings are crucial for crafting targeted strategies that cater to the nuanced demands of different regional markets within the United States. The next meeting is expected to gather a diverse group of stakeholders, including Senators Faisal Saleem Rehman, Bilal Ahmed Khan, and others, alongside key officials from the Ministry of Commerce and TDAP.
