‘Need for implementing key developments to strength Pak-UK trade ties'
He stated that a trade agreement has been reached between Pakistan and the UK, which seeks to enhance economic cooperation and reduce trade barriers.
Under this agreement, there is a need to establish joint working groups and conduct regular review meetings, focusing on cooperation in areas such as digital trade, renewable energy, agriculture, and pharmaceuticals.
However, in order to truly boost bilateral trade, a formal Free Trade Agreement (FTA) is essential, Pracha stressed.
He further noted that a 'Trade Dialogue Mechanism Agreement' has also been signed between the two countries, aimed at reinforcing bilateral economic cooperation, exploring trade opportunities, removing barriers, and promoting mutual investment. Pakistan can also benefit from the UK's Developing Countries Trading Scheme (DCTS), which will help boost exports in sectors like IT, agricultural technology, and pharmaceuticals.
Pracha highlighted the need to engage the Pakistani diaspora in the UK to promote trade between the two countries.
He pointed out that the current trade volume between Pakistan and the UK stands at around £4.7 billion, and that non-tariff barriers affecting this trade must be addressed.
He acknowledged that while negotiating an FTA requires significant resources and time, such an agreement would align with the economic priorities of both nations.
At present, no bilateral FTA exists between Pakistan and the UK, but authorities on both sides are working realistically towards laying the groundwork for a possible future agreement.
Pracha also emphasized that Pakistan's technology and digital services sector is the most dynamic segment of its economy, and the UK is interested in having more Pakistani tech companies use the UK as a platform to access European and global markets.
British development finance institutions are playing a key role in this effort, helping promote digital infrastructure and financial inclusion in Pakistan.
Meanwhile, UK Export Finance is supporting Pakistani companies looking to expand exports or partner with British firms. He urged the Pakistani government to pay special attention to this opportunity.
Copyright Business Recorder, 2025
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