WASHINGTON: Pakistan remains committed to expanding trade ties with the United States and is modifying the regulatory regime to do so, says the country’s US ambassador.

Masood Khan gave this assurance at a meeting with the US Soybean Export Council (USSEC) at the Pakistan Embassy on Tuesday.

“Pakistan is committed to easing the regulatory regime and facilitating businesses in the country,” he said. “Expanding trade ties with the US remains a foremost priority of the government.”

With a bilateral trade volume of $12 billion, the US remains Pakistan’s largest trading partner and export destination. In 2022, Pakistan exported more than $5.9bn worth of goods to the US while importing more than $3.17bn worth of goods from the US.

The ambassador assured the USSEC delegation that Pakistan was working with the US business community for enhanced cooperation in the agriculture sector by sharing knowledge, expertise, and research data aimed at enhancing agricultural productivity.

The council represents the entire range of the US Soy supply chain including farmers, processors, commodity shippers, merchandisers, allied agribusinesses, and agricultural organisations.

Working in 80 countries across the globe, USSEC plays a leading role in soy market development and meeting requirements for human consumption, aquaculture, and livestock feed.

The council’s chairman Doug Winter told the ambassador that they wanted to assist Pakistan in livestock development and meeting its soy requirements. “There is a huge scope of forging a win-win partnership with Pakistan,” he added. The US produced approximately 120 million tonnes of soy annually, with 60pc exported globally. Soy exports to Pakistan are less than a million tonnes annually.

The delegation also discussed the regulatory framework and laws governing the import of genetically modified products with the Pakistani team, which included the embassy’s Trade Minister Azmat Mahmud.

Ambassador Khan said that Pakistan was streamlining the regulatory framework for imports to facilitate the business community and every effort was being made to expedite the approval processes.

He encouraged the delegation to play its role in building linkages of US farmers, processors, merchandisers, and other constituents of the Soy supply chain with their Pakistani counterparts.

Published in Dawn, March 2nd, 2023