Pak-UK trade ties poised for expansion

Increasing business and trade relations with the UK can provide Pakistan and its industries an alternative destination to achieve the desired goals of socio-economic prosperity, qualitative industrialisation and exports, in which the Pakistani businessmen and investors settled in the UK can play an important role.

Rising cooperation in health, education, hospitality, culture, IT, human resource development, textiles, fashion, classic textiles and chemical industries can be mutually beneficial for both countries.

The mutual cooperation may be further strengthened through series of meaningful reforms, concessions, policies and productive channels mainly building of reciprocal trade houses, Preferential Trade Agreement (PTA)/Free Trade Agreement (FTA), exchange of delegations of chambers, regular holding of expos, festivals of one-country product, exchange of information and formation of Pak-UK Industries Corridor of Knowledge.

It augurs well that the British High Commissioner to Pakistan, Jane Marriott, is determined to further strengthen its strategic partnership with Pakistan across several vital sectors, including finance, healthcare, education, engineering, and energy.

Centre for South Asia and International Studies, Islamabad Executive Director Dr Mehmoodul Hassan Khan said Pakistan's economy may be further developed and diversified through the investments, expertise, digitalisation, AI, robotics, IT, supply chains and Small and Medium-sized Enterprises (SMEs), micro-financing, banking, disaster management and climate change cooperation.

He said close cooperation in non-traditional sectors of the economy, mainly marbles, precious stones, halal foods, organic cooking oils, cultural products and handicrafts may also be a value addition in this direction.

The policy makers of Pakistan, businessmen, investors and regional experts and economic strategists should play a collaborative, consultative and coordinated role in the further strengthening of bilateral relations. The role of economic, trade and commercial attaches appointed in the UK and European Union would also be constructive and transformative. Pakistani-origin politicians and policymakers should also positively contribute to this connection.

Pakistanis' community, workers, businessmen, investors and even students/youth with entrepreneurship capabilities and capacities would also be value addition for achieving the desired goals of economic modernisation, connectivity, industrial productivity, trade diversification, cluster of industrial development, space and sciences, affordable and innovative housing industries, interior decoration equipment, climate resilient construction materials and moreover integrative and interconnected cooperation, collaboration and coordination in metals and minerals would also be pursued and implements.

Moreover, genuine demands of business community in terms of easy and smooth grant of visas, revival of direct aerial/aviation cooperation, and joint ventures in human resource industries, education, health, tourism through constant and continued soft image diplomacy along with multiculturalism caravans and state's guarantee for safety and security of the UK investments would be effective and participatory.

UK is one of the sustainable and stable economies of the European Union and extended cooperation in green finance, disaster management, climate change technologies, organic fertilisers, green financial instruments, banking and finance derivatives, community based innovative anti-climate financing tools, green bonds markets, green vaccines, green plantation, renewables (solar, wind), modern green and blue hydrogen power generation energy tools, peaceful nuclear energy cooperation, hybrid agriculture, fisheries, halal food chains and concessional green financing or credit facilities would also further foster economic cooperation and ties between UK and its private companies.

UK being champion of humanity, civilisation, modern democracy, corporate and good governance, climate justice global drive and multiculturalism should also play an important role in people's friendly local government setups, decentralisation of financial resources, channelisation of domestic talents, empowerment of women, eradication of poverty and generation of new jobs in the country because after closure of USAIDS, UK has the ability, vision, and resources to jump-in in these sectors of human services.

What's more, Federal minister for Finance and Revenue, Senator Muhammad Aurangzeb, Advisor to the Finance Minister on Economic and Financial Reforms Khurram Schehzad and Advisor to the Prime Minister on Privatisation Muhammad Ali recently attended the Jefferies' 'Pakistan Access Day' interactive conference in London, where the finance minister underscored the Pakistan's firm commitment to macroeconomic reform and structural transformation and the government's resolve to stay the course to bring permanence to this macroeconomic stability.

When it comes to Pakistan and UK bilateral trade for FY24, exports and imports consist of $2,014,768 and $781,996.

Pakistan's major exporting items to the UK include other made-up textile articles; sets; worn clothing and worn textile articles; rags, optical, photographic, cinematographic, measuring, checking, precision, medical or surgical, cotton, articles of apparel and clothing accessories, knitted or crocheted, cereals, articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles, edible fruit and nuts; peel of citrus fruit or melons, plastics and articles, sugars and sugar confectionery.

Pakistan's major importing items from the UK encompass iron and steel, electrical machinery and equipment and parts; sound recorders and reproducers, television, nuclear reactors, boilers, machinery and mechanical appliances; vehicles other than railway or tramway rolling stock, and parts and accessories; miscellaneous chemical products; organic chemicals; plastics and articles.

The writer is a staff correspondent