A significant announcement to increase yearly bilateral trade volume to €4.7 billion marked the official start of the UK-Pakistan Trade Dialogue in London, marking a new phase of economic cooperation between the two nations.
Both parties decided to form a Business Advisory Council with top government officials and well-known business executives at the opening ceremony. In order to remove trade barriers and improve commercial possibilities, the council will offer strategic advice on policy reforms.
“The UK is a very important economic partner of Pakistan,” remarked Jam Kamal Khan, Minister of Commerce, during the ceremony. We can maximise the potential of bilateral commerce and open up new growth prospects by coordinating our priorities.
Important industries that are essential to the UK’s industrial strategy, like digital technology and healthcare, were also the subject of the discussion. Under the improved trade framework, these industries are anticipated to be vital for fostering innovation and the development of jobs.
“Today’s event is a vital step forward in deepening the UK’s trade and investment ties with Pakistan,” said Douglas Alexander, UK Minister for Trade and Business, emphasising the significance of the conversation. Encouraging expansion in key industries will increase trade and create a large number of jobs.
The newly established Business Advisory Council will assist both governments by making suggestions on market entry tactics, ease of doing business, and modernising trade policy, according to the British High Commission.
