Pakistan and the UK have announced new initiatives to boost bilateral trade and investment, including the establishment of a ‘Pak-UK Business Advisory Council’.
The trade ministers of Pakistan and the UK have announced new initiatives to boost trade between the two countries, the announcement was made on the sidelines of the Pak-UK trade talks that began in London on Monday.
As part of these talks, the ministers announced the establishment of a new ‘Pak-UK Business Advisory Council’ to promote trade and investment, which will include senior business leaders and government officials.
The council will provide strategic advice on policy reforms, provide a trusted forum for dialogue and promote trade opportunities by removing barriers to market access and adopting global best practices.
The meeting in London was co-chaired by UK Minister for Trade Policy and Economic Security Douglas Alexander and Federal Minister for Commerce Jam Kamal Khan. The two ministers agreed to meet annually at the ministerial level to explore new opportunities for growth and support businesses and investors in the UK and Pakistan.
On this occasion, UK Minister for Trade Policy and Economic Security Douglas Alexander said that ‘Today’s talks are the next step in our long-standing relationship with Pakistan, which will take our trading partnership to new heights and create new opportunities for businesses in both countries.’
He added that ‘by further strengthening cooperation in key sectors such as healthcare and digital technology, which are core parts of the UK’s industrial strategy, we can promote growth, increase innovation and create jobs.’
Trade Minister Jam Kamal Khan said that ‘The UK is a very important economic partner of Pakistan, these talks provide the basis for making our trading relationship more structured and forward-looking. By strengthening mutual cooperation and aligning our priorities, we can expand bilateral trade, attract more investment and create sustainable economic opportunities for both countries.’
The UK has also announced up to £200,000 in aid to support Pakistan’s desire to attract British investment. The money will be used to provide technical assistance to improve access to investors and to promote linkages between Pakistani investors and opportunities in the UK.
This initiative reflects Pakistan’s desire to increase foreign investment and the UK’s commitment to strengthening bilateral investment relations.
There was a shared desire to build on recent progress in Pak-UK talks, which saw bilateral trade grow by 7.3 per cent in the last quarter of last year, to £4.7 billion.
The meeting focused in particular on the information technology and health sectors, which are priority sectors under the UK’s Industrial Strategy.
The UK’s Industrial Strategy offers significant opportunities for businesses and investors. The UK is committed to making it easier, faster and more reliable for international companies to do business in its market, including skills development, innovation, regulatory and planning reforms that create a more dynamic and open business environment.
