ISLAMABAD: The Bilateral Investment Treaty (BIT) would be the first step towards increasing trade between the two countries, Economic Counsellor at US Embassy, Chip Laitinen said on Saturday.

Talking to a group of journalists, Mr Laitinen said, “There is no headway in talks between the two countries on the issue of BIT since Pakistan pulled back from the negotiations.”

On the occasion, he said Pakistan and the United States will hold talks for promoting bilateral trade and economic relations early next year under the Trade and Investment Framework Agreement (TIFA).

Mr Laitinen said bilateral trade between Pakistan and the United States increased by 36 per cent during the first nine months of 2017.

However, trade remained in the favour of US which exported agricultural products, equipments (including General Electric locomotives), while textiles dominated Pakistan’s export to the US, he said. Pakistan Railways is acquiring locomotives from General Electric in order to strengthen its rolling stock.

Pakistan and the United States held talks in Washington last summer under TIFA.

Pak entrepreneurs to attend GES 2018 The US Embassy is sponsoring the visit of eight Pakistan entrepreneurs to attend the 2018 Global Entrepreneurship Summit (GES) being held in Hyderabad, India) from Nov 28 to 30.

On Friday evening, US Ambassador David Hale accepted, on behalf of the entire United States Mission to Pakistan, an award from the Global Entrepreneurship Network – Pakistan in recognition of the American Mission’s strong and concerted efforts to energise and expand Pakistan’s entrepreneurial ecosystem.

Speaking at a reception celebrating National Entrepreneurship Month and Global Entrepreneurship Week, Ambassador Hale said that governments come and go but people- to-people-ties between Pakistan and United States are more secure than anything in education and business despite ups and downs in politics.

He lauded the strong entrepreneurial traditions shared by Pakistan and America.

Ambassador Hale noted, “Pakistan can be a knowledge hub in the region,”.

He added that he was pleased to recognise Pakistan’s delegates to the GES in Hyderabad, India.

Published in Dawn, November 19th, 2017