LAHORE, Oct 1: Federation of Pakistan Chambers of Commerce & Industry on Tuesday signed a cooperation agreement at Washington with US Chambers of Commerce and Industry for formation of Pakistan-US Joint Business Council.

According to a fax message received here from Washington, FPCCI president Iftikhar Ali Malik while addressing the august gathering at the signing ceremony said the agreement would open a new chapter in Pakistan-US trade relations.

He said it would also provide a useful forum for the private sector of the two countries to exchange business views, promote bilateral commercial relations and strengthen existing economic ties for the establishment of joint ventures in all sectors.

Pakistan welcomes the growing interest of American firms for investment in Pakistan, he observed, adding that it reflected American commitment to see the reopening of Pakistan market and economy in the context of emerging opportunities in Afghanistan and beyond.

The FPCCI chief said that Pakistan, being fully aware of the geographical, social, cultural and economic conditions in Afghanistan, is the most suitable business partner to explore investment potential in the war ravaged country.

Iftikhar Malik said: “Pakistan always attached great importance to its relations with the US which is the largest export market with a share of 24.4 per cent of our total export earnings.

The Pakistan private sector is eager to boost exports to the US particularly in textiles. The US, he said, imported about 27 per cent of Pakistani textile products yearly, and suggested that US considered quota free import of textiles from Pakistan, in addition to reducing tariff on textile items.

If Pakistan is allowed preferential treatment in its exports of textiles and other products, Iftikhar Malik observed, the US industry would hardly feel the pinch as these are operating with economics of scale.

In addition, Pakistan will be able to accelerate its economic recovery which suffered tremendous losses in the wake of September 11 disaster and the subsequent war in Afghanistan, he added.

The FPCCI president invited his counterpart Ahmet C. Bozdar to lead a US business delegation to Pakistan for the first meeting of Pak-US Joint Business Council as well as to explore investment avenues in Pakistan.—APP