UK seeks to enhance trade ties
AHL head of research noted that trade deficit declined 10.5% on a monthly basis, indicating a slight betterment on the external front. photo: file
The existing bilateral trade and investment ties between Pakistan and the United Kingdom should be enhanced further in diverse fields, noted UK’s Trade Envoy to Pakistan MP Mark Eastwood.
At a conference titled “Pakistan; A Land of Opportunities”, the envoy underlined that he would be visiting Pakistan, accompanied by a business delegation, to explore opportunities for enhancing bilateral trade, according to a press release issued on Wednesday.
Voicing support for a free trade agreement (FTA) between the two sides, he expressed the desire to see steps taken in that direction.
On the occasion, Pakistan’s High Commissioner to the UK Moazzam Ahmad Khan highlighted that the strategic partnership between the two countries was deepening due to growing linkages in various sectors.
Exports to the UK, being the third largest market for Pakistan, accounted for around 8% of its total global exports, he pointed out.
Despite the Covid-19 pandemic, Pakistan’s exports to the UK increased 33% in 2021, crossing the $2 billion mark for the first time, he said.
Pakistan’s gross domestic product (GDP) expanded 5.37% in 2020-21, which was the “second highest growth in 14 years”, he mentioned.
Moreover, reforms were being undertaken by Pakistan to promote business-friendly environment in the country, he underlined.
The event was hosted by the Consulate General of Pakistan, in coordination with Pakistan Britain Business Council (PBBC) and Greater Manchester Chamber of Commerce.
Published in The Express Tribune, February 3rd, 2022.
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