������Ƶ

ISLAMABAD: Pakistani Commerce Minister Jam Kamal Khan has embarked on a “pivotal” official visit to the United Kingdom (UK) from July 14 till July 20 to strengthen economic ties between the two countries, Khan’s ministry said on Sunday.

The minister is accompanied by Commerce Secretary Jawad Paul and this high-level visit aims to deepen bilateral commercial ties, strengthen institutional frameworks, and open new avenues for trade and investment between Pakistan and the UK.

Khan will engage with major Chambers of Commerce in London and Birmingham to advance bilateral trade and explore opportunities in emerging sectors, besides highlighting Pakistan’s export potential and fostering greater business-to-business collaboration.

“One of the central moments of the visit will be the signing of the Terms of Reference (ToRs) for the Pakistan-UK Trade Dialogue,” the commerce ministry said.

“This formalization marks a significant step toward institutionalizing bilateral trade cooperation, injecting greater standardization, transparency, and predictability into the economic relationship between the two countries.”

The UK maintains zero-tariff access of Pakistan’s exports post-Brexit, making it Pakistan’s largest European and third-largest individual export partner, according to the Pakistani foreign ministry.

The Pakistan-UK trade in goods and services reached £4.7 billion in 2024, an increase of 7.3 percent, or £320 million, compared to the previous year, according to the UK government data. Of this £4.7 billion, UK exports to Pakistan amounted to £2.2 billion, while its imports from Pakistan amounted to £2.5 billion.

During his visit, the Pakistani commerce minister is scheduled to meet with members of the UK’s All Parties Parliamentary Group (APPG), where he will advocate for stronger political support in enhancing trade and investment flows, according to the commerce ministry.

These discussions will aim to align parliamentary efforts with Pakistan’s broader economic diplomacy goals and strengthen long-term partnerships.

“Khan will interact with leading UK-based multi-million-dollar companies from key sectors such as food processing, information technology, engineering, fintech, and capital investment. These meetings aim to showcase Pakistan’s economic potential and attract targeted investments into high-growth industries,” the commerce ministry said.

“The visit also includes important meetings with the UK Pakistan Business Council, Pakistan Britain Business Council, and UK Pakistan Chamber of Commerce & Industry. These discussions will focus on strengthening institutional trade linkages and leveraging diaspora-led initiatives to boost trade volumes and visibility in the UK market.”

Pakistan is currently striving to draw overseas investment amid a gradually healing macroeconomic environment after a prolonged downturn that forced Islamabad to seek external financing from friendly nations and multiple loan programs from the International Monetary Fund (IMF).

Khan’s visit follows another trip to the UK in June by Pakistan’s Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif’s aide on privatization, Muhammad Ali, who held meetings with executives from renowned firms, including TTB Partners, STJ Partners, Deutsche Bank, Berenberg Bank, and Amundi Fund Group, to spotlight Pakistan’s privatization roadmap and its growing potential as a hub for strategic, long-term investment.

The Pakistani commerce ministry said Khan’s visit marks a “renewed thrust in Pakistan’s efforts to advance economic diplomacy, diversify export markets, and solidify its commercial footprint in global markets like the United Kingdom.”