Islamabad, Aug 20: To improve economic relations between the business communities of Pakistan and the UK, the Lahore Chamber of Commerce and Industry (LCCI) and the UK-Pakistan Trade and Investment Board (UPTIB) formally signed a Memorandum of Understanding (MoU) here on Tuesday.
In terms of improving trade, investment, and economic cooperation between the two nations, the deal represents a major step forward. On behalf of their respective parties, LCCI President Kashif Anwar and UPTIB CEO-Pakistan Tajammel Hussain signed the Memorandum of Understanding.
“This Memorandum of Understanding is a significant milestone in our efforts to enhance bilateral trade relations with the United Kingdom,” said Kashif Anwar in his speech, expressing his optimism about the collaboration.
Through the facilitation of mutual economic interaction, we are providing business communities with new avenues for exploration and fortifying existing links. The Lahore Chamber is dedicated to helping its members achieve sustainable economic growth in every manner imaginable.
He continued by saying that the partnership’s goals are to develop commercial prospects, encourage economic collaboration, and ease trade in goods and services between the participants in both organizations. Both parties have agreed to periodically exchange business periodicals, research papers, market surveys, and other pertinent documents in accordance with the provisions of the agreement. The MoU also describes plans to host business-to-business meetings, fairs, exhibitions, conferences, seminars, and other events to introduce business circles to the export and economic prospects that are accessible in both nations.
The Memorandum of Understanding also emphasizes the value of using Alternate Dispute Resolution (ADR) procedures to settle trade and commercial disputes, and it invites members of both organizations to make use of the ADR Centers set up by UPTIB and LCCI.
It is anticipated that the partnership will build a strong foundation for bilateral investment and trade, boosting the economies of Pakistan and the UK. The LCCI and UPTIB’s joint commitment to developing closer economic ties and opening up new business prospects is reflected in the signing of this Memorandum of Understanding.
According to Tajammel Hussain, CEO of the UK-Pakistan Trade & Investment Board, Pakistan is one of 65 nations that would benefit from duty-free imports from the UK as part of a new trade agreement.
According to him, UPTIB is dedicated to boosting trade between Pakistan and the UK.
He also disclosed strategies to draw possible investors to Pakistan with the goal of enhancing trade ties and accelerating economic growth. He guaranteed that importers and exporters would have all the assistance they needed to handle customs processes, market access, and other crucial trade-related issues. It is anticipated that this endeavor will generate novel prospects and enhance Pakistan’s integration into the international trade network.
