The trade between Pakistan and United States has grown to record high reaching $6 billion in 2017. Pak—US Trade was discussed during the meeting between the American Ambassador to Pakistan David Hale and President American Business Council of Pakistan (ABC) Kamran Nishat and the Council Executive Committee on Tuesday.
The objective of this meeting was to discuss the opportunities that can be leveraged to increase commercial cooperation between the two countries and strengthen the economic ties. The bilateral trade between both countries has reached record high during 2017 crossing $6 billion.
The American Ambassador David Hale ensured America’s commitment to foster increased economic cooperation and admired ABC’s efforts to work with Pakistan’s government to improve the current situation of business and investment.
According to the office of United States Trade Representative, Pakistan was the 56th largest goods export market for the United States in 2016. US exports to Pakistan were $2.1 billion in 2016 up 14% as compared to previous year.
However, Pakistan was the 53rd largest exporter of the goods to the US in 2016. Pakistan exported $3.4 billion of goods to the US in 2016 down 6.9% as compared to previous year. The total goods trade between US and Pakistan was $5.5 billion in 2015 which remained the same $5.5 billion in 2016.
The trade figures are gone up in 2017 to more than $6 billion which indicates growth in trade and investment activities. Due to the CPEC project, Pakistan is becoming one of the top destinations in the world for future trade and investment opportunities. European and American governments and businesses are keen to start building strong economic relations with Pakistan. China is already in the market following the CPEC project, Pakistan’s State Bank has allowed Chinese to use Yuan for trade and investment purposes.