Pakistan - UK discuss measures to enhance bilateral trade

Pakistan - UK discuss measures to enhance bilateral trade

ISLAMABAD: (APP) The future of China Pakistan Economic Corridor (CPEC), project was anticipated to increase connectivity across the region and would give a huge boost to the regional economies and trade.

This was stated by Secretary Commerce, Azmat Ali Ranjha during a meeting with Lord Marland of Odstock, who is the Chairman of Commonwealth Enterprise and Investment Council (CWEIC), in London, a message received here from London on Thursday said.

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The Commerce Secretary was on an official visit to the UK, to assess post Brexit trade opportunities and relations with his British counterparts.

His visit schedule included senior level interactions with Department for International Trade and Foreign and Commonwealth Office (FCO), and meetings with the Parliamentarians, key business leaders and chambers.

During the meeting with Lord Marland of Odstock on Wednesday, Secretary Commerce informed him about the objective of his visit and highlighted the successes which the current government had achieved through better economic management of the country especially the impressive economic growth of 4.7% that was achieved in the last financial year.

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Chairman CWEIC gave an overview of the Brexit and terme it as a great opportunity where the Commonwealth countries can benefit from the independent role which UK may play in the post Brexit period.

He added that Pakistan has a lot of potential which needs to be explored and empathized on working together to increase trade.

Secretary Commerce also invited Chairman CWEIC to Pakistan.

In the afternoon, Secretary Commerce met Syed Ibne Abbas, Pakistan High Commissioner to the UK.

In the meeting, ideas were exchanged regarding ways and means of promoting trade and investment between Pakistan and the UK.

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Later, a two member delegation comprising Wayne Evans, Senior Adviser to The City UK and Belinda Lewis, British Deputy High Commissioner to Pakistan met the Secretary Commerce.

The British Deputy High Commissioner said that a lot of potential existed for the British financial services sector to forge partnership with Pakistan.

She also talked about expertise of Britain in the agro business sector.

Secretary Commerce said that Pakistan was ready to engage in constructive dialogue with the UK to develop mutually beneficial trade relationship and welcomed the inflow of British investment in Pakistan.

On the other hand, Wayne Evans briefed about the ethos of The City UK and talked in great detail about the expertise which The City UK had to offer, particularly in the Shariah compliant financial and insurance products.

He also highlighted the expertise which they have in Public Private Partnerships and Privatization.

Secretary Commerce also gave a brief overview of the insurance industry which was an area where lot of potential existed for partnership and investment from the British Financial Sector.

He assured his full support in establishing sound commercial relations between the two countries.

In the evening, UK Pakistan Chamber of Commerce & Industry (UKPCCI), hosted a dinner in honour of Secretary Commerce. The dinner was also attended by Pakistan's High Commissioner.

Secretary Commerce assured the UKPCCI of the full support from the government of Pakistan in facilitating their future programs related to enhancement of trade and investment relations between the two countries.

He also touched upon the turnaround that the Pakistan economy had experienced under the current government and stated that it was right time to invest in Pakistan because the investment climate had improved dramatically and the country had made considerable progress on multiple fronts that have restored the investors' confidence.

Speaking on the occasion, the High Commissioner hoped that business community would be more proactive and take advantage of conducive business environment that exists in Pakistan.

The UKPCCI thanked the Secretary Commerce and Pakistan's High Commissioner for their continued support to the business community.