Pakistan, UK aim to boost economic ties

Business bodies ink MoU to explore new avenues, deepen partnership

LAHORE:

The Lahore Chamber of Commerce and Industry (LCCI) and the UK-Pakistan Trade and Investment Board (UPTIB) have signed a memorandum of understanding (MoU) for strengthening economic ties between the business communities of Pakistan and the United Kingdom.

The agreement marks a significant step towards enhancing trade, investment and economic collaboration between the two countries. The MoU was signed by LCCI President Kashif Anwar and UPTIB CEO-Pakistan Tajammel Hussain.

Speaking on the occasion, Anwar expressed optimism about the partnership and called the MoU a significant milestone in efforts to enhance trade with the UK.

“By facilitating mutual economic cooperation, we are opening the doors to business communities for exploring new opportunities and strengthening existing ties. The Lahore Chamber is committed to supporting its members to achieve sustainable economic growth,” he remarked. The LCCI president stressed that the partnership was aimed at fostering cooperation, promoting business opportunities and facilitating trade in goods and services among members of both organisations.

Under the terms of the agreement, both parties have agreed to exchange business publications, research reports, market surveys and other relevant material regularly. Additionally, the MoU outlines plans to organise business-to-business meetings, exhibitions, seminars and conferences to introduce among business circles the economic and export opportunities available.

The MoU underlines the importance of resolving trade and commercial disputes through alternate dispute resolution (ADR) mechanisms, encouraging members of both organisations to utilise the ADR centres established by the LCCI and UPTIB.

In his remarks, UPTIB CEO-Pakistan Tajammel Hussain pointed out that Pakistan was among 65 countries benefiting from the UK duty-free imports under a new trade scheme. He revealed plans to attract potential investors to Pakistan with the objective of boosting economic growth and strengthening trade relations.