AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: A new agreement aimed at boosting bilateral trade between Pakistan and the United Kingdom has been welcomed by Muhammad Aman Paracha, Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The agreement, signed by Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, and UK Minister Douglas Alexander, marks the first high-level trade pact between the two nations.
Paracha highlighted the significance of the agreement, emphasizing its potential to present Pakistan and its industries with a valuable alternative market. He noted that this development could foster sustainable socio-economic growth, promote industrial progress, and enhance export capabilities.
The agreement, which received approval from the Pakistani cabinet, aims to institutionalize economic cooperation between Pakistan and the UK. Paracha called on both countries to explore trade opportunities, eliminate barriers, and boost mutual investments following the agreement.
He also pointed out that expanding trade relations with the UK could unlock a promising market for Pakistani industries. Moreover, he suggested that British investors of Pakistani origin could play a crucial role in this endeavor.
With the current estimated value of bilateral trade standing at £4.7 billion, Paracha sees significant room for growth. He recommended that both governments pursue Preferential Trade Agreements (PTAs) or Free Trade Agreements (FTAs), organize business delegations, and conduct country-specific trade exhibitions to further enhance trade ties.
Paracha concluded by urging the inclusion of FPCCI leadership in all future consultations to ensure the success of this bilateral trade initiative.