ISLAMABAD: Pakistan and the United States have decided to hold the meetings of Pak-US Working Group on Economic and Finance in Islamabad and Trade and Investment Framework Agreement (TIFA) in Washington to strengthen economic cooperation.

During a meeting on Saturday, US Ambassador to Pakistan Richard Olson and Finance Minister Ishaq Dar agreed that the schedule of these meetings would be decided through mutual consultation.

The last meeting of Pak-US Working Group on Economic and Finance was held in Washington in April last year. Dar and US Undersecretary Catherine Novelli jointly chaired the working group meeting which discussed ways of moving President Obama and Prime Minister Nawaz Sharif’s economic agenda forward by increasing bilateral trade and investment flows over five years.

The economic and finance working group is one of the five working groups under the US-Pakistan Strategic Dialogue, and provides a forum to build bilateral economic ties and advance Pakistan’s long-term economic growth and stability.

With the private sector leading the way, both the countries are looking at ways to implement the recommendations of the US-Pakistan Business Council of the US Chamber of Commerce and identifying steps in advancing the commercial relationship.

At the TIFA meeting to be held in Washington, the two countries, which have yet to sign a bilateral investment treaty, will have in-depth discussions about the joint plan.

TIFA Council held its last meeting in May 2014. A US-Pakistan business opportunities conference has also been planned by the two governments.

While Dar briefed the US ambassador on the proceedings leading to the approval of federal budget by parliament, the two sides also discussed the annual meetings of the International Monetary Fund and the World Bank scheduled to take place in Peru’s capital Lima in October this year.

The two countries enjoy economic and development cooperation in the areas of energy, economic growth and agriculture, stabilisation, education, and health projects.

Published in Dawn, June 21st, 2015

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