Kickstarting economic growth is the number one mission of the UK government. We know that this is also a goal that many of our partners, including Pakistan, share and one that can only be delivered by working together.
Britain has always been an outward-looking trading nation with an open and stable economy. But with three new trade deals signed in May, we have taken a major step forward in driving prosperity at home and overseas.
An economic deal with the Trump administration will reduce tariffs across a range of sectors, from steel and aluminium to automotives, and cut costs for businesses operating here in the UK.
And a new agreement between the UK and the European Union will give more certainty to businesses, providing opportunities for companies to expand their operations with some of the UK's closest neighbours.
Our message is simple. We are a trusted partner ready to negotiate constructively. We have one of the largest economies in the world, with cutting-edge businesses, brilliant universities and a talented workforce. And we have an innovative economy embracing new trends like AI.
The UK and Pakistan share a longstanding and evolving trade partnership rooted in mutual opportunity and trust. With over £4.7 billion in bilateral trade, the UK is Pakistan's largest trading partner in Europe.
And it's not just foreign leaders and decision-makers that recognise this. A recent survey of global CEOs ranked the UK as the second most attractive country to invest in. In March, companies from around the world, including Blackstone, Amazon and DP World, collectively committed to invest £63 billion in the UK at the Global Investment Summit.
It is as a result of this work that just last month, the UK's growth rate was upgraded to the highest within the G7.
And we're building on these strengths. Earlier this year the UK announced £13 billion of capital investment over the next five years to deliver the projects needed to catalyse private investment, boost growth and drive forward the UK's modern industrial strategy. This follows £100 billion of capital investment announced last autumn.
We are also ripping up unnecessary regulation to cut the administrative costs on business by a quarter over the next five years. And soon we will unveil a new Industrial Strategy which will give businesses even greater confidence to invest and expand in the UK.
There are already several businesses from Pakistan in the UK, including firms like Abacus. A leading tech consulting firm, Abacus exemplifies the potential of cross-border enterprise, showcasing how Pakistani innovation and British collaboration can fuel shared prosperity. But with the offer of certainty, stability and simplicity, we will give more firms the confidence to expand and invest in the UK.
The US and EU both recognised the huge potential of a closer trading relations with the UK under this government. And they are not the only examples. The UK is now an active member of CPTPP after becoming the first European member earlier this year. We're also building new partnerships with the emerging markets of the future.
These deals are just the beginning. Our diplomats and trade negotiators have sent a signal — the UK is open for business.
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