19 Dez Us Pakistan Free Trade Agreement
The United States and Pakistan began diplomatic relations in 1947, shortly after Pakistan`s independence. Since then, relations have alternated between episodes of close partnership and acute friction – reflecting the ups and downs of global and regional geopolitics. As a result, foreign policy has had an impact on trade and investment. After 9/11, diplomacy established a strong relationship between Pakistan and the United States. Would a free trade agreement between these two counties be useful to them? What are the expected economic benefits? This new book addresses this and many other issues and concludes that a free trade agreement between the United States and Pakistan would benefit both countries. Pakistan is a beneficiary of the U.S. Generalized System of Preferences (GSP) program, which provides duty-free access to the United States for more than 3,500 products. In 2018, Pakistan`s exports to the United States totaled $326.0 million, or only 8.0% of total exports to the United States. Since the GSP regime is not largely due to exports of textiles, leather and clothing, Pakistan has not been able to fully exploit the benefits of the programme.
An economy dependent on the textile industry, coupled with a lack of awareness and interest from traders, are factors that have prevented the country from fully exploiting the benefits of the programme. However, recent efforts by the Department of Commerce to include leather products in the GSP system have proven beneficial. Pakistan and the United States began negotiations on a bilateral investment agreement (ILO) in 2004 and concluded the text in 2012, but the agreement was not signed due to reservations from Pakistani stakeholders. Pakistan has bilateral investment agreements with Australia, Azerbaijan, Mauritius, Bahrain, Bangladesh, Morocco, Belarus, the Netherlands, Belgo-Luxemburg Economic Union, Oman, Philippines, Bosnia, Portugal, Bulgaria, Qatar, Cambodia, Romania, China, Singapore, Czech Republic, Czech Republic, Republic of Korea, Denmark, Spain, Egypt, Czech Republic, Sri Lanka, France, Sweden, Germany, Switzerland, Indonesia, Syria, Iran, Tajikistan, Italy, Japan , Kazakhstan, Turkmenistan, Kuwait, U.A.E, Kyrgyzstan, United Kingdom, Lebanon, These investment agreements contain ordinary dispute settlement provisions. If a dispute cannot be resolved through mutual consultation, investors can generally bring cases before an arbitration tribunal under the rules of the United Nations Commission on International Trade Law, the International Centre for Investment Litigation of the World Bank or the Court of Arbitration of the International Chamber of Commerce. Pakistan is a member of the Multilateral Investment Guarantee Agency (MIGA), an arm of the World Bank. Pakistan and the United States signed a Framework Agreement on Trade and Investment (TIFA) in 2003 that provides a forum to discuss bilateral trade issues. The last TIFA meeting for dissensons took place in May 2019 in Islamabad. Pakistan has a free trade agreement with Sri Lanka, China and Malaysia. Pakistan is also part of the South Asian Association for Regional Cooperation (SAARC) and has preferential trade agreements with Iran, Indonesia and Mauritius. In the United States and Pakistan, a bilateral tax treaty has been in place since 1959.
Pakistan has also entered into double taxation agreements with Austria, Canada, Germany, Indonesia, Italy, Lebanon, Mauritius, Poland, Switzerland, Turkmenistan, Kazakhstan, United Arab Emirates, Belgium, China, France, Greece, Iran, Japan, Libya, Saudi Arabia, Romania, Sweden, Belarus, Hungary, Jordan, Kenya, Kuwait, Malaysia, Netherlands, Nigeria, Norway, Oman, Philippines, Qatar, Qatar, Syria, Tunisia, United Kingdom, Bangladesh, Denmark, Finland, India , Singapore, Sri Lanka, Thailand, Azerbaijan and Turkey.