Pakistan, UK sign Trade Dialogue Mechanism Agreement

ISLAMABAD: Pakistan and United Kingdom (UK) on Monday formally signed the ‘Trade Dialogue Mechanism Agreement’ to institutionalize and strengthen bilateral economic cooperation.

The agreement was signed by Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, and the UK’s Minister of State for Trade Policy and Economic Security, Douglas Alexander, according to an official press release.

This marks the first high-level trade agreement signed by Pakistan following its recent Cabinet approval. This is also the first high-level trade agreement that Pakistan has signed after the approval of the Cabinet.

The agreement is a major step towards institutionalizing bilateral economic cooperation. Both countries agreed to explore trade opportunities, remove barriers and increase bilateral investment.

The agreement will establish joint working groups and regular review meetings and Cooperation in areas such as digital trade, renewable energy, agriculture and pharmaceuticals will be emphasized.

The agreement will pave the way for new markets, job opportunities and sustainable development for both countries. Pakistan highlights IT, agri-tech and pharmaceutical sectors to boost exports Agreement to facilitate Pakistan under UK’s Developing Countries Trade Scheme (DCTS). Historic agreement will lay the foundation for entering a new economic era in bilateral relations.