May 24, 2006	Wednesday	Rabi-us-Sani 25, 1427

ISLAMABAD May 23: Prime Minister Shaukat Aziz on Tuesday stressed the need of early finalisation of the Bilateral Investment Treaty (BIT) in order to provide an institutional framework for comprehensive economic partnership with the United States.

He was talking to Ms Josette Shiner, US Under-Secretary of State for Economic, Business and Agriculture, who called on him at the Prime Minister’s House here.

Pakistan, Mr Aziz said, accorded high priority to its trade and commercial relations with the US and finalisation of the BIT, by providing an institutional framework for comprehensive economic partnership, would further strengthen these ties.

The prime minister said the finalisation of the BIT would enhance the volume of trade between the two countries and as a result more employment opportunities and business activities would be generated in Pakistan.

He appreciated the US plan to set up reconstruction opportunity zones (ROZs) in Pakistan and said this step would contribute to the overall economic uplift of the commercially depressed zones and help strengthen infrastructure of these areas. Mr Aziz pointed out that the proposal under process would also provide that the goods manufactured in the zones would be exported to the US markets on preferential terms.

The prime minister said that despite the pressures created as a result of high oil prices and the losses caused by earthquake, the country had achieved the growth target of six to eight per cent, with inflation remaining less than eight per cent. Foreign direct investment was expected to be about $3 billion — highest in the history of the country, the prime minister added.

Elaborating country’s energy policy, the premier said that to sustain the accelerated growth within a range of six to eight per cent and to remain competitive in the rapidly globalisation world, Pakistan was focusing on energy and water security both by enhancing the indigenous capabilities in oil and gas sector as well as on import of gas from the neighbouring countries.

He pointed out that Pakistan being located at the confluence of South Asia, Central Asia and West Asia provided the shortest access to the sea for all landlocked countries of Central Asia as well as Western Asia was playing an important role in facilitating the regional trade.

Ms Josette Shiner said the US was keen to see more development and prosperity in Pakistan and ROZs would help create more economic opportunities.

She appreciated the economic recovery achieved by Pakistan and noted that according to a World Bank ranking, Pakistan was among the top 12 reformers of the world.