PM underlines need to boost trade ties with UK

ISLAMABAD—Underlining the importance of longstanding diplomatic, political and economic linkages between Pakistan and the United Kingdom, Prime Minister Shaukat Aziz on Tuesday said Pakistan desires to further strengthen economic and trade relationship through greater interaction of private and public sectors.
The Prime Minister was talking to Ian McCartney, UK Minister for Trade who alongwith a 10-member delegation comprising representatives of London Stock Exchange, financial institutions and senior government officials called on him here. Expansion of economic relations between Pakistan and UK, reform agenda of the government and the issue of better market access for Pakistani products in the markets of European Union came under discussion. The Prime Minister said Pakistan was an emerging market with a vast potential for growth, rising consumer spending and robust industrial development. The recent listing of Muslim Commercial Bank (MCB) at London Stock Exchange and forthcoming of Oil and Gas Development Company (OGDCL) is a clear evidence of international acceptance of stability in Pakistan’s industrial and financial sectors, he added.
The Prime Minister said that as a result of the far-reaching reforms introduced by the government in every facet of life, Pakistan has been transformed into a country having high growth. The reforms introduced for de-regulation of the economy, transparent privatization, creation of a business-friendly environment, rationalization of taxes and tariffs and transparency in the government transactions has restored the confidence of the investors and Pakistan received record Foreign Direct Investment during the last year, he added.
The Prime Minister said Pakistan has made significant progress on the issue of Intellectual Property Rights, adding, a dedicated organization has been set up to deal with the issue in a focused manner and “we are dealing with violations in tough manners”. He said Pakistan is moving fast on the reform path to prepare itself to face the challenges posed by globalization. The government is working on increasing absorptive capacity and the training of the civil servants is one of the steps in that direction, he pointed out.
The Prime Minister said one of the basic paradigm shifts in the country is a clear distinction in the roles of ministries and regulators. While policy formulation is the responsibility of the Ministries, regulators have been provided the independence to deal with the implementation part of it, he added.
The Prime Minister said Pakistan desires to initiate talks on Free Trade Agreement (FTA) with European Union and said Pakistan being an open economy is in a position to enter into such agreements and implement them affectively. The Prime Minister asked UK to extend their support to Pakistan in this regard.
Ian McCartney said the banks and financial institutions of UK find the investment climate in Pakistan very conducive and a number of them are planning to expand their operations in Pakistan. He said the private sector companies are keen to invest in Pakistan in health-care, financial and oil and gas sectors through joint ventures with Pakistani companies and on public private partnership basis.
Ian McCartney appreciated Pakistan for passing women protection bill and said the legislation will go a long way in providing justice and security to women. He appreciated the role played by Pakistani community in the development of UK. The British MPs of Pakistani origin are doing their job actively and enthusiastically, he added. Sir Thomas Harris, Vice Chairman of Standard Chartered Bank said British financial institutions were watching with great appreciation the economic transformation of Pakistan. —APP