KARACHI: Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Muhammad Aman Paracha has emphasized that strengthening trade relations with the UK could offer Pakistan and its industries a valuable alternative market, leading to sustainable socio-economic development, qualitative industrial advancement, and increased exports.
Welcoming the agreement signed to enhance bilateral trade and address challenges between Pakistan and the United Kingdom. He described it as a positive step for trade relations between the two countries.
He said that the agreement was signed by Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, and his British counterpart, UK Minister Douglas Alexander. This is the first high-level trade agreement between the two countries, finalized after approval from the Pakistani cabinet.
He added that this agreement is a significant step toward institutionalizing bilateral economic cooperation between Pakistan and UK. Following the agreement, both countries should focus on exploring trade opportunities, removing obstacles, and enhancing mutual investment, Paracha said.
The FPCCI Vice President reiterated that trade expansion with the UK could unlock a promising market for Pakistan’s industries. British investors of Pakistani origin can also play an important role in this process. Aman Paracha highlighted that the current estimated value of bilateral trade is £4.7 billion, but with increased cooperation across various sectors, both nations stand to benefit mutually.
To promote bilateral trade, he suggested that both governments take joint initiatives to pursue Preferential Trade Agreements (PTAs) or Free Trade Agreements (FTAs), organize regular exchange of business delegations, hold country-specific trade exhibitions and product fairs, and ensure FPCCI leadership is included in all consultations.
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