| Islamabad: President Dr Arif Alvi has called for concrete steps to be taken to increase bilateral trade between Pakistan and the UK to USD 10 billion per year, news sources reported on January 11.
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The president made these remarks in a meeting with the UK’s outgoing High Commissioner to Pakistan Dr Christian Turner. He said the increased bilateral cooperation will create more jobs, enhance trade and investment from the UK in Pakistan, and improve the country’s economic conditions.
President Alvi also welcomed Pakistan’s membership in the UK’s Developing Countries Trading Scheme (DCTS), which would give Pakistan tariff reductions and simplified conditions, including duty-free exports of over 94% of Pakistani commodities to the UK. He also lauded the efforts of British firms operating in Pakistan, which have made cumulative investments of over USD 10 billion, and underlined that FDI grew by 22% in the fiscal year 2020–21, jumping from USD 117 million to USD 143 million the previous year.
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The president also emphasised the need to establish a bilateral enhanced strategic dialogue (ESD) and enhanced strategic partnership (ESP) by adopting a 10-year framework for moving ties ahead in various areas, including trade, investment, and climate change.
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