WASHINGTON: Pakistan and the United States announced on Tuesday an agreement on a joint action plan to expand bilateral trade and investment flows over the next five years, as the two countries vowed to strengthen the key relationship.

The accord came as Minister for Commerce Engr. Khurram Dastgir Khan and the US Trade Representative Ambassador Michael Froman led the two sides at a meeting of the US-Pakistan Trade and Investment Framework Agreement (TIFA) Council.

They also signed a Memorandum of Understanding on women's economic empowerment at the meeting, attended by Pakistan's Ambassador to the United States Jalil Abbas Jilani and senior officials from both sides.

“Trade with Pakistan supports good-paying jobs in the United States and is a key part of our effort to unlock opportunity for American works, businesses, farmers, and ranchers,” the US Trade Representative said, welcoming the Pakistani delegation.

Federal Minister for Commerce Khurram Dastgir Khan hailed the Joint Action Plan, saying with it the two countries are “turning a new leaf” in their trade and economic realtions.

He voiced a strong hope that Pakistan and the United States would be able to bolster trade ties to lay a “more permanent foundation of a more positive” relationship.

“The challenge in democratic Pakistan is that democracy should be seen as delivering a better standard of life and creating more jobs,” he noted and looked forward to the US support in spurring trade, investment and economic growth in his country.

Khurram Dastgir Khan particularly noted that since the inception of the democratic government in Islamabad last year, the sentiment towards the US has improved considerably by 13 pe rcent in the country and added suspension in drone strikes is also helping to create a positive atmosphere.

He said the government in Islamabad, led by Prime Minister Nawaz Sharif, is endeavoring to revive the national economy and investment and is fully focused on removing obstacles including extremism and energy shortages in the way of high and sustained economic growth.

The Commerce Minister said since the prime minister's White House talks with President Barack Obama in October 2013, the two countries have started moving forward the bilateral relationship on a positive track.

In his remarks, Ambassador Froman said “the announcement of agreement on a Joint Action Plan to improve bilateral trade and investment as well as the signing of the MOU on women's economic empowerment underscores the strong and growing relationship between the United States and Pakistan on trade and investment issues and signifies monumental progress for Pakistani women.”

Among the goals and areas of cooperation included in the Joint Action Plan are: diversifying agricultural production; promoting intellectual property protection; implementing the World Trade Organization (WTO) Trade Facilitation Agreement; seeking Pakistan's accession to the WTO Government Procurement Agreement; conducting outreach to US state and local governments; enhancing entrepreneurship; and increasing dialogue between the US and Pakistani private sectors.

Earlier, Ambassador Froman and Minister for Commerce Khan discussed the Joint Action Plan to expand bilateral trade and investment flows over the next five years.

President Obama and Pakistani Prime Minister Sharif instructed senior officials to develop the Joint Action Plan after their meeting in October 2013.