Pak, UK to increase bilateral trade to $10bn per annum

January 12, 2023 (MLN): The government needs to take tangible steps to increase bilateral trade between Pakistan and UK, which stood at £3.1 billion in 2021, to $10bn per year, as per APP report.

A meeting was held between President, and UK’s outgoing High Commissioner to Pakistan, Dr Christian Turner Aiwan-e-Sadr.

President Dr Arif Alvi on Wednesday said that by utilizing existing opportunities, exploring new avenues and markets, diversifying products and services, and ensuring economic and political stability in the country, the government can achieve this target in short span of time.

During the meeting, President said that enhancing bilateral cooperation between both countries will help in improving the economic conditions of the country, besides creating jobs to reduce unemployment and sustain higher growth rates in coming years.

He further added that the UK’s Developing Countries Trading Scheme (DCTS), which would replace the GSP in early 2023, would provide tariff reductions and simpler terms to Pakistan including duty-free exports of over 94% of goods from Pakistan to the UK.

The president expressed his gratitude for the inclusion of Pakistan in the UK's Developing Countries Trading Scheme (DCTS) and expressed his desire to expedite the signing of the Free Trade Agreement (FTA) so that trade can be substantially enhanced. He also expressed his desire to sign a deal for the launch of a Trade Dialogue in the next few months between the two sides.  

During the meeting, he appreciated that 120 British companies were operating in Pakistan with cumulative investments of around $10bn and noted that Foreign Direct Investment (FDI) increased by 22% in the financial year 2020-21 rising from $117 million to $143mn. 

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