ISLAMABAD: President Dr. Arif Alvi has urged for the need to take concrete steps to increase bilateral trade between Pakistan and the United Kingdom to reach a target of $10 billion per year.
During a meeting with the outgoing High Commissioner to Pakistan, Dr. Christian Turner, the President emphasized the need for increased cooperation between the two nations, which would create more jobs and opportunities for trade and investment from the UK in Pakistan, thereby improving the economic conditions in the country.
President Alvi also expressed his support for Pakistan’s membership in the UK’s Developing Countries Trading Scheme (DCTS), which will give Pakistan tariff reductions and simplified conditions, including duty-free exports of over 94% of Pakistani commodities to the UK.
He also praised the efforts of British companies operating in Pakistan, which have made cumulative investments of over $10 billion, and highlighted that Foreign Direct Investment (FDI) grew by 22% in the fiscal year 2020-21, increasing from $117 million to $143 million from the previous year.
In addition, President Alvi emphasized the need to establish a bilateral enhanced strategic dialogue (ESD) and enhanced strategic partnership (ESP) by adopting a 10-year framework for advancing ties in various areas such as trade, investment, and climate change.
