US consul general, APTMA discuss bilateral trade

LAHORE:

United States Consul General in Lahore, Kristin K Hawkins participated in discussions with All Pakistan Textile Mills Association (APTMA) stakeholders to strengthen bilateral trade and economic relations between Pakistan and the United States.

During the meeting, APTMA leaders, including President Kamran Arshad, Vice President Ahmad Shafi, and former presidents Adil Bashir and Hamid Zaman, along with Secretary General Raza Baqir, explored opportunities for cooperation in
the cotton and textile sectors while aiming to
expansion of trade and investment relations in other strategic areas.

Both sides recognized Pakistan’s strong potential for growth in textile and other sectors. The APTMA president, in his presentation on Pakistan’s textile industry, highlighted the decline in domestic cotton production and the likely need to import over three million bales this year. He pointed out that the US is a major supplier of cotton to Pakistan, which will be used to produce textiles worth about $8 billion, mainly for export to the US.

Stressing the importance of continued operations in the textile sector, Arshad proposed a mechanism for importing US cotton under GSM-102, using proceeds from Pakistan’s textile exports to the US as collateral through an escrow account.

Reading Textile exports down 5% in 1H24

The APTMA President highlighted the strength of Pakistan’s textile industry and its role in bilateral trade, noting that the US is Pakistan’s largest trading partner. In fiscal year 2021-22, total bilateral trade stood at $9.85 billion, with Pakistan exporting $6.8 billion to the US and importing $3 billion.

Arshad urged the promotion of US cotton ties with Pakistan’s textile industry and supported toll production in Pakistan by US textile companies. He emphasized the need for technology transfer, high-yielding cotton seeds and collaboration with US cotton research institutes for improved quality.

He further called for capacity building of agricultural research institutions in Pakistan, transfer of technology for cotton traceability and facilitation of international seed companies with transgenic technologies from the United States. The APTMA chairman emphasized the importance of joint ventures between Pakistani and American investors.

Published in The Express Tribune, January 25^u2024.

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