UK, Pakistan agree to set up new business advisory council at inaugural trade dialogue
The development came during the dialogue co-chaired by UK Minister for Trade Policy and Economic Security Douglas Alexander and Pakistan's Commerce Minister Jam Kamal Khan, who is on an official visit to the UK from July 14 till July 20.
The UK maintains zero-tariff access of Pakistan's exports post-Brexit, making it Pakistan's largest European and third-largest individual export partner, according to the Pakistani foreign ministry.
The UK-Pakistan Business Advisory Council will bring together senior business leaders and government officials to provide strategic advice on policy reform, offer a confidential forum for engagement, and help promote commercial opportunities by addressing market access challenges and sharing best practices.
'Today's Dialogue marks the next step in our long-standing relationship with Pakistan, taking our trading partnership to the next level and unlocking new opportunities for businesses in both our countries,' Alexander was quoted as saying by the British high commission.
'By deepening cooperation in key sectors like health care and digital technology – areas central to the UK's Industrial Strategy – we can drive growth, foster innovation, and create jobs.'
The high commission did not share an exact date about the establishment of the new advisory council.
Bilateral trade between the two countries in goods and services reached £4.7 billion in 2024, an increase of 7.3 percent, or £320 million, compared to the previous year, according to the UK government data. Of this £4.7 billion, UK exports to Pakistan amounted to £2.2 billion, while its imports from Pakistan amounted to £2.5 billion.
Khan, whose visit aims to deepen bilateral commercial ties and strengthen institutional frameworks, said the dialogue laid the foundation for a more structured and forward-looking trade relationship between both sides.
'The UK remains one of Pakistan's most important economic partners,' he was quoted as saying. 'By strengthening collaboration and aligning our priorities, we can expand bilateral trade, attract greater investment, and create sustainable economic opportunities that benefit both nations.'
Britain also announced up to £200,000 to support Pakistan's aspirations to attract investment from the UK.
'The funds will provide technical assistance for investor outreach, and support matchmaking between Pakistani investors and UK-based opportunities,' the British high commission said in its statement.
'This initiative reflects the UK's commitment to supporting Pakistan's ambitions to increase outbound investment and to strengthening the bilateral investment relationship.'
Khan's visit comes at a time when Pakistan is striving to draw overseas investment amid a gradually healing macroeconomic environment after a prolonged downturn that forced Islamabad to seek external financing from friendly nations and multiple loan programs from the International Monetary Fund (IMF).
The British high commission said Monday's discussions focused on key sectors, including information technology and health care, under the UK's Industrial Strategy, which presents a 'significant opportunity' for businesses and investors.
'The UK is committed to making it easier, faster, and more predictable for international firms to operate in its market. This includes reforms in skills development, innovation, regulation, and planning – creating a more dynamic and open business environment,' it said.
'Through the alignment of the UK's Industrial Strategy and the UK–Pakistan Trade Dialogue, we are reaffirming our commitment to open and fair trade, and to deepening economic ties with key partners like Pakistan.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Arabiya
34 minutes ago
- Al Arabiya
Trump confirms Patriot systems for Ukraine amid Gaza ceasefire push
In this episode of Global News Today, presented by Tom Burges Watson, we bring you the latest from two of the world's most urgent conflicts. In Gaza, hopes for a ceasefire remain uncertain as the humanitarian crisis deepens and diplomatic efforts intensify. On Ukraine, US President Donald Trump confirms that Washington will send Patriot missile defense systems to Kyiv. We examine what this means for the war with Russia and share reactions from both Washington and Europe. Guests: Rosalia Bollen – Spokesperson for UNICEF Jim Townsend – Former Deputy Assistant Secretary of Defense for NATO policy at the Pentagon Sir Gerald Howarth – Former UK defense minister
Arab News
2 hours ago
- Arab News
Pakistan to launch tomorrow simplified digital tax returns for salaried class
ISLAMABAD: Pakistan's Federal Board of Revenue (FBR) will launch tomorrow, Tuesday, simplified digital tax returns for salaried individuals, according to Prime Minister Shehbaz Sharif's office, amid Islamabad's efforts to expand the national tax base. The statement came after a meeting Sharif presided over to review progress on tax reforms which are part of his government agenda to stabilize the South Asian economy. Officials informed the prime minister that digital, concize and user-friendly tax returns will also be available for taxpayers of other classes from July 30, along with Urdu-language returns for the salaried class. 'A third-party validation should be ensured for the transparency of all FBR reforms,' the prime minister was quoted as saying by his office. 'Public awareness campaign should be launched regarding the ease of filing tax returns so that more and more people file returns under the new system.' In June, Pakistan set a record-high tax collection target of Rs14.13 trillion ($47.4 billion) as it unveiled federal budget for fiscal year 2025-26. The target represents a 9 percent increase compared to the outgoing fiscal year's target. Sharif said increasing the tax base and reducing the burden on the poor were his government's top priorities, praising the FBR for the implementation of an artificial intelligence-based tax assessment system. 'The prime minister directed provision of special facilities to small and medium-sized businesses to join the digital invoicing system,' his office said. Pakistan's policy reforms, also required under a $7 billion International Monetary Fund (IMF), have helped restore macroeconomic stability and rebuild investor confidence in the government, despite persistent external challenges, according to IMF country representative Mahir Binici. He, however, cautioned that 'elevated trade tensions, geopolitical fragmentation, and weakening global cooperation continue to generate exceptional uncertainty and weigh on the global economic outlook,' underlining the urgent need for prudent and forward-looking policy actions. 'Structural reforms remain central to Pakistan's long-term economic sustainability, particularly reforms that strengthen tax equity, improve the business climate, and encourage private-sector-led investment,' Binici said during a guest lecture at an Islamabad-based think tank last week.
Arab News
2 hours ago
- Arab News
Pakistan joins SCO foreign ministers' summit as Delhi-Islamabad tensions simmer
ISLAMABAD: Pakistan's deputy prime minister and foreign minister, Ishaq Dar, has arrived in China to attend a meeting of the Shanghai Cooperation Organization's (SCO) Council of Foreign Ministers (CFM), the Pakistani foreign ministry said on Monday, amid prevailing regional tensions. The meeting comes amid simmering regional tensions, particularly between India and Pakistan, following New Delhi's refusal to sign a recent SCO joint statement over its omission of a deadly April attack in Indian-administered Kashmir. The SCO, a trans-regional bloc comprising China, Russia, Pakistan, India, Iran, and Central Asian states, is expected to deliberate on pressing regional and global security, connectivity, and economic issues at the CFM meeting in Tianjin on July 15-16. Upon arrival in Beijing, Dar was received by Ambassador Yu Hong, a member of the Chinese's foreign ministry's Department of Asian Affairs, and Pakistan's Ambassador to China, Khalil-ur-Rehman Hashmi, along with other Chinese foreign ministry officials. 'DPM/FM will lead Pakistan's delegation to the SCO Council of Foreign Ministers Meeting in Tianjin tomorrow, call on the President of China along with other SCO Foreign Ministers, and hold bilateral meetings with his counterparts from SCO member states,' the Pakistani foreign ministry said. The CFM is the third highest forum in the SCO format that focuses on the issues of international relations as well as foreign and security policies of China-backed SCO. Last month, Beijing's bid for enhanced regional leadership suffered a setback when India rejected signing a joint statement put before defense ministers of the SCO, seen by some Western analysts as a regional grouping by China and Russia to counter United States influence in Asia, with New Delhi saying it was 'pro-Pakistan' in not mentioning April's attack on tourists in Indian-administered Kashmir. India blamed Pakistan for backing the gunmen behind the April 22 killing of 26 people. Islamabad denies the charge. In May, India and Pakistan exchanged fighter jet, missile, drone and artillery strikes for four days over the Kashmir attack, killing around 70 people on both sides before agreeing to US-brokered ceasefire. Separately, India's foreign minister Subrahmanyam Jaishankar told his Chinese counterpart Wang Yi in Beijing that the two countries must resolve friction along their border, pull back troops and avoid 'restrictive trade measures' to normalize their relationship, Reuters reported on Monday. Jaishankar arrived in Beijing on his first trip to China since 2020, when a deadly border clash between their troops led to a four-year military standoff and damaged ties until a thaw began in October, when they agreed to step back. 'It is now incumbent on us to address other aspects related to the border, including de-escalation,' Jaishankar was quoted as saying. Jaishankar met Chinese Vice President Han Zheng earlier in the day, the official Chinese news agency Xinhua reported. Han told Jaishankar that India and China should steadily advance practical cooperation and respect each other's concerns.
