Pak-US Business Council Congratulates Joe Biden on Victory

LAHORE, Nov 08 (APP): Founder Chairman Pak-US Business Council Iftikhar Ali Malik Sunday congratulated Democrat Joe Biden on his landslide victory in the United States presidential election.

He also extended greetings to Kamala Harris, the first ever woman Vice President elect and hoped the new leadership will focus on bringing durable peace worldwide especially in South Asia, besides restoring the confidence of the entire Muslim Ummah in addition to fully ensuring equal rights to all irrespective of colour, creed, religion and caste.

Talking to the media, he hoped that under the new era, Pakistan will be provided free market access to United States at zero duty in the wake of the war on terror in the region and the US private sector will further enter into joint ventures in the economic sphere. Malik said that what Pakistan needs is to opt the model of joint ventures on the pattern of Egypt and some African countries to enhance trade ties with the 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. A Preferential Trade Agreement (PTA) could be a long term goal because of the complexity involved in the process, he said, and added that the Trade and Investment Framework Agreement ( TIFA) provided an institutional mechanism to carry forward those discussions and come up with new ideas.

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

“There must be an incentive package for Pakistan for being a front-line state in combating terrorism with the US.”

He said that Pakistan is a time tested friend and suffered colossal irreparable economic losses running in billions of dollars in the war on terrorism in the region. He further said that 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. He said Pakistan and US are enjoying amicable relationship and coalition partners against war on terror. He said it’s now a world record that Pakistan has been the only country hosting 2.7 million Afghan refugees for the last forty years.

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