Pakistan, UK pledge to explore new avenues of trade, business

Pakistan and the United Kingdom have pledged to explore new avenues of business and trade in different sectors, including IT, fintech, manufacturing industries and production.

This understanding was reached during a meeting between Finance Minister Muhammad Aurangzeb and UK's Minister of State for Trade Anas Sarwar in London today.

The two sides emphasized the importance of further expanding cooperation in these areas to strengthen bilateral economic and commercial relations.

They expressed their resolve to achieve tangible results in the upcoming Pakistan-UK Trade Dialogue Mechanism in December this year.

Discussions were held on the current bilateral trade volume between Pakistan and the United Kingdom.

While expressing satisfaction over the current trade volume amounting to 2.5 billion dollars annually between the two countries, the two Ministers acknowledged that there was huge bilateral potential to enhance mutual trade both in goods and services.

Speaking on the occasion, Muhammad Aurangzeb said Pakistan's economy has stabilized and is moving on a fast-track trajectory towards growth. He said the government has undertaken macroeconomic reforms which have yielded positive dividends, along with reforms aimed at curtailing losses and improving economic efficiency.

The Finance Minister highlighted that the government is determined to carry forward the privatisation process in order to enhance private-sector participation and promote competition for improved service delivery.