US, Pakistan renew trade framework

Following Finance Minister Muhammad Aurangzeb’s extensive visit to Washington, the United States and Pakistan renewed a key framework on Wednesday to promote bilateral trade. The Trade and Investment Framework Agreement (TIFA), signed in 2003, is a vital platform for addressing bilateral trade issues. The US and Pakistan concluded the 9th TIFA meeting in February 2023. The last intersessional talks were held in Islamabad in May 2019. The talks also followed Iranian President Ebrahim Raisi’s significant visit to Pakistan, during which the two sides explored various options for boosting trade to $10 billion over the next five years. When asked for comments on the proposed deals between Pakistan and Iran a day after President Raisi’s visit, a US State Department spokesperson, Vedant Patel, said: “We advise anyone considering business deals with Iran to be aware of the potential risk of sanctions.”