ISLAMABAD: A meeting considered ways to strengthen economic ties between Pakistan and the UK, with Pakistani parliamentarians discussing how the British Pakistani community could boost trade and investment.
The lawmakers were briefed on recent reforms introduced by the Commerce Minister Jam Kamal. These include easing tariffs under the National Tariff Policy and setting up the Pakistan Single Window system.
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The Pakistan Single Window is a government digital platform with an aim to streamline imports, exports and transit trade by allowing trader to submit all required documents and information electronically.
Meanwhile, the National Tariff Policy for 2025-2030 is another ambitious plan by the government to simplify the country’s tariff structure to boost exports and industrial growth. The aim is to phase out regulatory duties and introduce tariffs ‘slabs’ (5%, 10%, 15%).
The focus is on duty-free access to raw materials to reduce costs and investment. The two initiatives aim to make trade smoother in a country bogged down by old-fashioned bureaucracy .
Officials also talked about special economic zone offering benefits to foreign investors.
The minister detailed the role of 17 million British Pakistanis as a bridge between the two countries. Both sides agreed to keep sharing contacts through the public and private sectors.
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The British Pakistani community has continued to play a key role in the country’s economy; not only through remittances but also by encouraging business and investment. In a cash-strapped economy post-COVID 19 pandemic, foreign remittances have been a vital source of keeping the economy afloat.
