LAHORE: The Lahore Chamber of Commerce & Industry and the UK-Pakistan Trade & Investment Board (UPTIB) have officially signed a Memorandum of Understanding (MoU) to strengthen economic ties between the business communities of Pakistan and the United Kingdom. The agreement marks a significant step towards enhancing trade, investment, and economic collaboration between the two countries.
The MoU was signed by LCCI President Kashif Anwar and CEO-Pakistan of UPTIB Tajammel Hussain at the LCCI premises in Lahore.
In his address, Kashif Anwar expressed his optimism about the partnership, stating, “This MoU is a significant milestone in our efforts to enhance bilateral trade relations with the United Kingdom. By facilitating mutual economic cooperation, we are opening doors for business communities to explore new opportunities and strengthen existing ties. The Lahore Chamber of Commerce and Industry is committed to support our members in every possible way to achieve sustainable economic growth.”
The partnership aims to foster mutual economic cooperation, promote business opportunities and facilitate trade in goods and services among the members of both organizations. Under the terms of the agreement, both parties have committed to exchanging business publications, research reports, market surveys and other relevant materials regularly. Additionally, the MoU outlines plans for organizing B2B meetings, exhibitions, fairs, seminars and conferences to introduce business circles to the economic and export opportunities available in both countries.
The MoU also highlights the importance of resolving trade and commercial disputes through Alternate Dispute Resolution (ADR) mechanisms, encouraging members of both organizations to utilize the ADR Centers established by LCCI and UPTIB.
The collaboration is expected to create a robust platform for bilateral trade and investment, contributing to the economic growth of both Pakistan and the United Kingdom. The signing of this MoU reflects the shared commitment of LCCI and UPTIB to fostering stronger economic ties and creating new opportunities for businesses on both sides.
Tajammel Hussain, CEO of the UK-Pakistan Trade & Investment Board said that Pakistan is among 65 countries benefiting from UK duty-free imports under a new trade scheme. He said that UPTIB is committed increase the volume of mutual trade between Pakistan and UK.
CEO UPTIB also revealed plans to attract potential investors to Pakistan aiming to boost economic growth and strengthen trade relations. He assured that importers and exporters would receive comprehensive support in navigating market access, customs procedures and other essential trade-related matters. This initiative is expected to create new opportunities and further integrate Pakistan into the global trading system.
Copyright Business Recorder, 2024