ISLAMABAD – Pakistan’s bilateral trade with United States continues to move up, crossing $6.3 billion in the first 10 months of 2024, after record $7 billion trade volume in 2023.
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh expressed optimism about future of trade relations between two sides, stating that there is significant potential for this volume to double in the coming years.
The surge for Pakistani products in US, particularly in the fields of textiles and information technology (IT), and the expected diversification of Pakistan’s export portfolio are key factors driving this trend. Atif Sheikh highlighted the efforts of Pakistan’s Ambassador to the US who has initiated a consultative process with FPCCI to explore strategies for expanding exports.
The initiatives aim to strengthen trade links through outreach programs with U.S. Congress, Senate, and various state governments, led by Hanif Channa, Pakistan’s Minister for Trade and Investment in Washington.
President FPCCI stressed importance of US Generalized System of Preferences (GSP) program and called for its renewal and expansion, urging Pakistani exporters to remain proactive and capitalize on the opportunities the vast US market presents. While textiles still account for 55% of Pakistan’s exports to the U.S., Sheikh noted the growing role of IT, which has surpassed $1 billion in exports.
Saquib Fayyaz Magoon, Senior Vice President of FPCCI, stressed the need for Pakistan to diversify its exports to the U.S., encouraging a focus on IT, pharmaceuticals, jewelry, and human resources—sectors in which neighboring India has made significant strides. Magoon also called for improvements in the cost of doing business, particularly in access to finance and competitive electricity tariffs.
Envoy Rizwan Sheikh sheds light on influential role of the 1 million-strong Pakistani-American diaspora in the U.S. He noted that Pakistan is the world’s largest importer of American cotton and that more than 40,000 Pakistani doctors are working in the U.S. Additionally, Pakistan is set to export 5,000 nurses to the U.S., with pharmacists likely to follow.
He further underscored importance of strong defense ties between two sides and significant foreign remittances Pakistan receives from the US.
The continued upward trajectory of Pakistan-US trade shows promising future for bilateral relations, with focus on expanding trade in key sectors.
