President Alvi calls for intensifying Pak-UK investment, trade ties.

ISLAMABAD -- President Dr Arif Alvi has emphasized that enhanced bilateral cooperation to substantially increase trade and investment from the UK in Pakistan would help in improving the economic conditions of the country. The President expressed these views while talking to UK's outgoing High Commissioner to Pakistan, Dr Christian Turner, who called on him at Aiwan-eSadr on Wednesday. Talking to the outgoing high commissioner, the president underlined the need to take tangible steps to increase bilateral trade between Pakistan and the UK, which stood at APS3.1 billion in 2021, to $ 10 billion per year in a short span of time by fully utilising the existing opportunities, exploring new avenues and markets, diversifying products and services, and ensuring economic and political stability in the country. The president said that the UK's Developing Countries Trading Scheme (DCTS), which would replace the GSP in early 2023, would provide tariff reductions and simpler terms to Pakistan including duty-free exports of over 94 percent of goods from Pakistan to the UK. He appreciated the inclusion of Pakistan in the UK's Developing Countries Trading Scheme (DCTS) and expressed the desire to fast-track the progress on the signing of the Free Trade Agreement (FTA) to substantially enhance trade and signing of an agreement between the two sides for the launch of Trade Dialogue in the coming months. During the meeting, the president mentioned that 120 British companies were operating in Pakistan with cumulative investments of around $10 billion and noted that FDI increased by 22 percent in the financial year 2020-21, rising from $117 million to $143 million. He expressed...