ISLAMABAD: Pak-US Business Council on Sunday said a bipartisan bill moved in the US Senate to establish duty-free export zones along Pak-Afghan border, will promise economic benefits to both countries and boost US efforts to promote peace in the region.
Lauding the move in the US Senate, founder chairman Pak US Business Council and President SAARC chamber Iftikhar Ali Malik said the bill would establish Reconstruction Opportunity Zones ( ROZs) in Pakistan and Afghanistan’s border regions to allow certain products from these areas to enter the US duty free.
In a statement issued here, he said bill would generate economic opportunities for the people of these war torn areas and lay the groundwork for a more stable region.
He said ROZs would export textiles and apparel goods to the United States without paying duties. He said the US goods trade deficit with Pakistan, a 56th largest trade partner is $1.3 billion in 2019 while two way goods trade is $6.6 billion in same period which speaks of sorry state of affairs.
Iftikhar Ali Malik said Pakistan being US partner rendered colossal human sacrifices in memory and suffered the billions of dollars colossal economic losses in war on terror and demanded US to broaden the scope of this bill to whole territory of Pakistan rather than specifically focusing on borders.
He said on merit it had been long awaited demand of Pakistan business community for providing free access to US markets at zero duty to help stable its economy shattered as a result of war against terror, he concluded.