FPCCI Emphasizes Enhanced Trade Ties with the UK

Muhammad Aman Paracha, the Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has stated that reinforcing trade relations with the UK presents a significant alternative market for Pakistan and its industries. This collaboration can foster sustainable socio-economic progress, superior industrial development, and increased export volumes.

Paracha lauded the recently formalized agreement designed to bolster bilateral trade and resolve existing challenges between Pakistan and the United Kingdom, characterizing it as a constructive advancement for trade relations.

He noted that the accord was officially endorsed by Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, alongside his British counterpart, UK Minister Douglas Alexander. This agreement marks the first high-level trade arrangement between the two nations, achieved post-approval from the Pakistani cabinet.

Paracha further commented that the agreement represents a pivotal stride toward formalizing economic cooperation between Pakistan and the UK. He urged both nations to prioritize the identification of trade prospects, the elimination of barriers, and the enhancement of reciprocal investment in the wake of this agreement.

The FPCCI Vice President restated that expanding commerce with the UK could unlock a promising market for Pakistani industries, adding that British investors of Pakistani descent are also well-positioned to contribute significantly to this initiative. He pointed out that the present estimated value of bilateral trade stands at £4.7 billion; however, amplified collaboration across diverse sectors promises mutual advantages for both nations.

To stimulate bilateral commerce, Paracha proposed that both governments collaboratively pursue Preferential Trade Agreements (PTAs) or Free Trade Agreements (FTAs), facilitate regular exchanges of business delegations, organize specialized trade exhibitions and product showcases, and ensure the inclusion of FPCCI leadership in all relevant consultations.