Pakistan and the United Kingdom (UK) have decided to strengthen bilateral trade ties by investing in energy, textiles, health, education, and several other areas.
According to the news source, Federal Minister for Commerce Syed Naveed Qamar spoke on the phone with British Prime Minister’s Trade Envoy and Member of British Parliament Mark Eastwood. Both parties discussed ways to improve bilateral trade.
It was revealed that both countries have decided to collaborate in a variety of fields such as health, textile, energy, education, and various other sectors. Commerce Minister Qamar stated that the incumbent government prioritises economic stability and growth. The UK trade ambassador also emphasised the importance of improving bilateral trade. He praised Pakistanis living in the United Kingdom for their contributions to the country’s development.
Meanwhile, President Dr Arif Alvi has called for concrete steps to be taken to boost bilateral trade between Pakistan and the United Kingdom to USD 10 billion per year.
The president made these remarks during a meeting with Dr Christian Turner, the UK’s outgoing High Commissioner to Pakistan. He stated that increased bilateral cooperation will result in more jobs, increased trade and investment from the UK in Pakistan, and improved economic conditions in the country.
President Alvi also welcomed Pakistan’s acceptance into the United Kingdom’s Developing Countries Trading Scheme (DCTS), which would provide Pakistan with tariff reductions and simplified conditions, such as duty-free exports of over 94% of Pakistani commodities to the UK. He also praised the efforts of British firms that operate in Pakistan, which have made cumulative investments totalling more than USD 10 billion, and highlighted that FDI increased by 22% in the fiscal year 2020-21, rising from USD 117 million to USD 143 million the previous year.
In addition, the president also emphasized the importance of establishing a bilateral enhanced strategic dialogue (ESD) and enhanced strategic partnership (ESP) by establishing a 10-year framework for moving ties forward in areas such as trade, investment, and climate change.