ISLAMABAD: Pakistan and the United Kingdom (UK) decided to form a new business advisory council as officials from both countries met in London at the inaugural UK-Pakistan Trade Dialogue, the British high commission in Islamabad said on Monday.
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.”
UK, Pakistan agree to set up new business advisory council at inaugural trade dialogue
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UK, Pakistan agree to set up new business advisory council at inaugural trade dialogue
- The Pakistan-UK trade in goods and services reached £4.7 billion in 2024, an increase of 7.3 percent, compared to the previous year
- The dialogue reaffirms the UK’s commitment to open and fair trade and to deepening economic ties with Pakistan, high commission says
