FPCCI President Highlights Export Potential to Double Trade
- Textiles and IT Lead Pakistan’s Export Surge to the U.S.
- Collaborative Efforts: Embassy and FPCCI Join Hands
- Diversification Key to Unlocking U.S. Market Growth
- Economic Diplomacy: A New Avenue for Stronger Ties
- Pakistani-American Diaspora: A Strategic Asset in Trade Expansion
- Challenges Ahead: Competitiveness and Compliance for Exporters
Karachi: Pakistan’s trade relations with the United States are witnessing significant growth, with a bilateral trade volume exceeding $7 billion in 2023 and crossing $6.3 billion in the first 10 months of 2024. This remarkable milestone highlights the strengthening economic ties between the two countries.
Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), expressed optimism about the potential to double Pakistan’s exports to the U.S. in the coming years. He cited the growing demand for Pakistani textiles, the surge in information technology (IT) exports, and plans to diversify Pakistan’s export basket as key drivers for this growth.
Collaborative Efforts to Boost Exports
President FPCCI shared that H.E. Mr. Rizwan Saeed Sheikh, Pakistan’s Ambassador to the U.S., has initiated a consultative process with FPCCI to explore strategies for exponential export growth. Mr. Hanif Channa, Minister for Trade & Investment in the Embassy of Pakistan, Washington D.C., provided insights into outreach initiatives involving the U.S. Congress, Senate, and federal administration to promote bilateral trade.
Focus on Diversification and Competitive Edge
Currently, textiles account for 55% of Pakistan’s exports to the U.S. However, IT exports have also made significant strides, surpassing the $1 billion mark. Mr. Saquib Fayyaz Magoon, SVP FPCCI, urged diversification into sectors such as pharmaceuticals, jewelry, and human resource exports. He stressed the importance of maintaining export quality, adhering to international standards, and ensuring cost competitiveness through reduced electricity tariffs and better access to finance.
Strategic Opportunities in the U.S. Market
Ambassador Sheikh highlighted the immense potential of the U.S. economy, particularly in states like California and Texas, which rank as the 4th and 6th largest economies globally. He emphasized the importance of leveraging the 1 million-strong Pakistani-American diaspora and strategic partnerships in defense and remittances to foster trade and investment.
Pakistan’s position as the largest importer of American cotton, along with upcoming exports of nurses, pharmacists, and IT professionals, further underscores its growing role in the U.S. economy.
Call to Action for Pakistani Exporters
The renewal and expansion of the U.S. GSP Program could present additional opportunities for Pakistani exporters. President FPCCI urged exporters to stay proactive, meet compliance standards, and capitalize on the vast U.S. market.
Economic Diplomacy as a Game-Changer
Ambassador Sheikh underscored the importance of economic diplomacy, stating, “What seems unachievable in political diplomacy can often be accomplished through economic collaboration.”
With continued efforts and strategic planning, Pakistan is well-positioned to double its exports to the U.S., further solidifying its economic relationship with one of the world’s largest markets.