December 13, 2019
Contact: Sydney Smith
FOR IMMEDIATE RELEASE
Deputy Assistant Secretary Ervin Massinga Discusses Trade and Economy With FPCCI
Karachi – Good governance, long-term capacity building, and market-based policies are the keys to a thriving private sector and sustained economic growth. U.S. Deputy Assistant Secretary of State Ervin Massinga delivered this message in his discussion with the members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Karachi on December 13.
Mr. Massinga praised Pakistan for implementing reforms that will strengthen its long-term economic fundamentals. Such reforms, he noted, are necessary for Pakistan to boost growth, attract private capital, and expand exports. Mr. Massinga urged business leaders to work with the government to undertake additional reforms to improve the ease of doing business and comply with international standards for anti-money laundering and countering terror finance.
Participants discussed opportunities for enhanced trade and collaboration between the United States and Pakistan. Bilateral trade reached an all-time high of $6.6 billion in 2018. The United States is Pakistan’s top destination for exports, buying $3.7 billion of Pakistani products last year.
Mr. Massinga highlighted several areas of opportunity for Pakistan’s manufacturers. He noted that under the U.S. Generalized System of Preferences, Pakistani companies can export eligible items duty-free, including many manufactured items and agricultural products, a fact underlined by the significant growth of exports in these areas over the last five years.