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ISLAMABAD: Pakistan and the United Kingdom have agreed to fast-track a trade mechanism and deepen their economic partnership, reaffirming their commitment to boost bilateral investment and cooperation across key sectors, the Pakistani government said on Thursday.

The statement came after Planning Minister Ahsan Iqbal’s meeting with the UK’s Minister of State for Trade Policy Chris Bryant to advance Pakistan–UK economic cooperation under the recently signed Pakistan–UK Trade Dialogue Mechanism.

The UK maintains zero-tariff access of Pakistan’s exports post-Brexit, making it Pakistan’s largest European and third-largest individual export partner, according to the Pakistani foreign ministry.

During the meeting, Iqbal highlighted the need to significantly expand bilateral trade volume between the two countries, which currently stands at £5.5 billion ($7.2 billion), according to Pakistan’s Press Information Department (PID)

“Pakistan and the UK enjoy excellent political relations, but now is the time to match that strength on the economic front. Our goal is to turn goodwill into growth,” he was quoted as saying.

“With £5.5 billion in bilateral trade, we have only touched the surface. The Trade Dialogue Mechanism must now become the engine that unlocks our true economic potential.”

The minister underlined the importance of swiftly operationalizing three working groups established under the Trade Dialogue Mechanism to address priority areas and unlock commercial opportunities.

“We cannot afford delays. The working groups must become operational immediately so our next ministerial meeting delivers concrete, measurable outcomes.”

Bryant acknowledged the significance of the Trade Dialogue Mechanism signed in July 2025, which provides for annual ministerial engagements and requires the working groups to become functional within six months, according to the PID.

He noted that technical discussions around the measures and tariffs are essential, and emphasized the need for “subject-matter experts to develop practical solutions.”

Responding to an inquiry on Pakistan’s broader economic direction, Iqbal briefed the British minister on Islamabad’s efforts over the past three years to stabilize and grow the economy.

“Pakistan has reversed the economic downturn of recent years. Inflation is falling, growth is recovering, and Pakistan is open for business like never before,” he said.

“Pakistan is positioning itself as a regional investment hub, a country where investors see stability, opportunity, and long-term value.”

Pakistan is striving to draw overseas investment amid a gradually healing macroeconomic environment after a prolonged downturn that forced Islamabad to seek external financing from friendly nations and multiple loan programs from the International Monetary Fund (IMF).

The minister underscored Pakistan’s strong potential in IT human resources and the technology sector, identifying multiple avenues for Pakistan–UK collaboration in technological and scientific domains.

“Pakistan’s greatest asset today is its young, highly skilled tech talent. Deep technology collaboration between Pakistan and the UK can create a new bridge between our economies,” Iqbal said.

He further stressed the need to revitalize joint business forums to facilitate private-sector partnerships, according to the PID. Both sides expressed a strong desire to enhance cultural cooperation, including in fashion and design, music and arts, and tourism.

“Our cultural ties are a living bridge. Fashion, arts, design, and tourism can become powerful forces to bring our people even closer,” Iqbal added.