Pakistan and the United Kingdom have agreed to establish a new Business Advisory Council, a key outcome of the inaugural UK–Pakistan Trade Dialogue held in London, according to a statement from the British High Commission in Islamabad on Monday.
The dialogue was 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 to July 20.
Following Brexit, the UK has maintained zero-tariff access for Pakistani exports, making it Pakistan’s largest trading partner in Europe and the third-largest globally, as per Pakistan’s Ministry of Foreign Affairs.
The newly proposed UK–Pakistan Business Advisory Council will consist of senior business leaders and government officials. Its purpose is to provide strategic policy recommendations, serve as a confidential forum for discussion, and help resolve market access challenges by promoting best practices and commercial opportunities.
“Today’s dialogue marks a new chapter in our long-standing relationship with Pakistan,” said Minister Alexander. “By expanding cooperation in key sectors such as healthcare and digital technology—central pillars of the UK’s Industrial Strategy—we can stimulate growth, foster innovation, and create jobs.”
While the British High Commission did not provide a specific launch date for the council, the move signals a deepening of bilateral engagement.
According to UK government data, bilateral trade in goods and services between the two countries reached £4.7 billion in 2024, a 7.3% increase (£320 million) over the previous year. Of that, UK exports to Pakistan accounted for £2.2 billion, while imports from Pakistan stood at £2.5 billion.
Minister Jam Kamal Khan stated that the dialogue set the foundation for a more structured and forward-looking trade partnership.
“The UK remains one of Pakistan’s most valuable economic allies,” he said. “By aligning our priorities and strengthening collaboration, we can expand bilateral trade, attract investment, and create long-term economic opportunities for both nations.”
In support of Pakistan’s efforts to attract foreign investment, the UK also announced up to £200,000 in technical assistance to enhance investor outreach and facilitate partnerships between Pakistani and UK-based investors.
“This initiative reflects the UK’s continued commitment to supporting Pakistan’s investment goals and to strengthening our bilateral economic ties,” the British High Commission added.
Khan’s visit comes at a critical time as Pakistan seeks to revitalize its economy and attract foreign capital after a prolonged period of financial instability, which saw the country turn to friendly nations and the International Monetary Fund (IMF) for support.
Monday’s discussions centered around high-potential sectors such as information technology and healthcare, aligned with the UK’s Industrial Strategy, which the high commission described as offering "significant opportunities" for businesses and investors.
“The UK is dedicated to creating a more dynamic, open, and predictable business environment through reforms in skills, innovation, regulation, and planning,” the statement noted.
“Through the alignment of our Industrial Strategy with the UK–Pakistan Trade Dialogue, we reaffirm our commitment to fair and open trade and to deepening economic engagement with key partners like Pakistan.”