ISLAMABAD, Oct 16: The United States Assistant Trade Representative for South Asia, Ashley Will said on Thursday that successful implementation of the Trade and Investment Framework Agreement (TIFA) would pave the way for a preferential trade arrangement between his country and Pakistan.

He made these remarks in a meeting with Commerce Minister, Humayun Akhtar Khan here on Thursday. During the meeting it was also decided that the first meeting of the TIFA Council would be held soon at mutually convenient dates.

The meeting was also attended by Secretary Commerce, Kamal Afsar and US Ambassador to Pakistan, Nancy Powell.

Mr Will said during his stay in Pakistan he would be able to familiarize himself with various US-Pakistan trade and allied issues by holding personal discussions with relevant government departments as well as non-government stakeholders.

He praised the commitment of Pakistan government for carrying out economic reforms and appreciated the sustained efforts that the government had made over the past few years.

He said that as a result of these efforts Pakistan’s economic situation had improved significantly and it was being perceived as a country with strong potential for economic growth and trade expansion.

Commerce Minister, Humayun Akhtar Khan informed the US assistant trade representative that Pakistan had adopted an export-led growth strategy as this was the best option for Pakistan to improve its economic situation and alleviate poverty.

In this context it was vital for Pakistan to gain market access in developed countries as well as developing countries. Pakistan understood the advantages of the multilateral trading system and therefore it was constructively engaged in WTO negotiations, he said.

However, Pakistan was also exploring the possibility of conducting regional and free trade agreements with various countries with a view to gaining potential market access as early as possible, the minister said.