Staff Report
ISLAMABAD: Pakistan’s President, Dr Arif Alvi, on Tuesday underlined the need to take tangible steps to increase bilateral trade between Pakistan and the United Kingdom (UK), which stood at £3.1 billion in 2021, to US$ 10 billion per year in a short period by fully utilizing the existing opportunities, exploring new markets and avenues, diversifying products and services, and ensuring political and economic stability in the country.
President Alvi expressed these views while talking to Dr Christian Turner, UK’s outgoing High Commissioner to Pakistan, who called on him at Presidency.
Talking to the outgoing UK High Commissioner, the President said that enhanced bilateral cooperation to increase investment and trade from the UK in Pakistan substantially would also support the economic conditions of Pakistan, besides creating jobs and sustaining higher growth rates in coming years.
Pak-UK bilateral trade
The President said that the UK’s Developing Countries Trading Scheme (DCTS), which would replace the GSP in 2023, would provide tariff reductions and simpler terms to the country, including duty-free exports of over 94 percent of goods from Pakistan to the United Kingdom.
He lauded the inclusion of Pakistan in the UK’s Developing Countries Trading Scheme (DCTS). He expressed the desire to fast-track the progress on the signing of the Free Trade Agreement (FTA) to substantially enhance trade and the signing of a deal between the two sides for the launch of trade Dialogue in the next few months.
During the meeting, the High Commissioner said that Pakistan, with its English-speaking workforce and proximity to the Middle East, was ideally located for investment by UK-based companies. He said that the certainty in the economic outlook, political stability and sustained policies would further help attract UK investment in Pakistan.
