United States Trade Representative Michael Froman welcomed Pakistan Prime Minister Nawaz Sharif to Washington, D.C. today. Their meeting stressed the vitality of the trade relationship between the United States and Pakistan, which in 2012 was valued at $5.2 billion. Both parties vowed to work together to strengthen their bilateral trade and investment relationship as it in their mutual best interest.
Progress has been made in addressing issues that have resulted from the Trade and Investment Framework Agreement (TIFA) between the two nations. Additionally, Ambassador Froman offered to host the next TIFA council meeting here in Washington, D.C.
Source: USTR, Image: http://www.coldwarstudies.com/2011/05/02/cold-war-timeline-pakistan/
The United States and Burma signed a Trade and Investment Framework Agreement (TIFA) on Tuesday, May 21. According to an Office of the U.S. Trade Representative (USTR) press release, acting United States Trade Representative Demetrios Marantis and Burma’s Deputy Commerce Minister Pwint San signed the TIFA in hopes of “creating a platform for ongoing dialogue and cooperation on trade and investment issues.”
“The United States supports reforms that lay the foundation for a peaceful and prosperous future,” said Representative Marantis. “Economic reforms and trade are mutually supportive. Stronger institutions, transparency, and rule of law create stronger foundations for commercial transactions, trade and investment.”
Bilateral trade, since the reduction of sanctions against Burma in 2012, is increasing between the two countries but still remains small. The USTR reports that bilateral trade totaled $90 million in the first few months of 2013, including $89 million in U.S. exports to, and $1 million in U.S. imports from Burma.
The White House: The Office of the U.S. Trade Representative (USTR) is responsible for developing and coordinating U.S. international trade, commodity, and direct investment policy, and overseeing negotiations with other countries.