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In January 2002, former Prime Minister Tony Blair met the President and agreed that the commercial relationship between Pakistan and the UK should be strengthened. This led to the formation in Pakistan of a Business Advisory Group, drawn primarily from the private sector, to advise on key aspects of trade and investment, known as the Pakistan-Britain Business Advisory Group (PBBAG). In order to expedite this process and to ensure that efforts were undertaken at the highest level on both sides, it was decided to establish a counterpart body for the PBBAG in the UK with the aim of playing a pro-active role in improving bilateral commercial relationships. |
Working with a dynamic approach, the two governments are looking to create a suitable political atmosphere, stimulate innovative thinking and address false media perceptions of Pakistan and, in other proactive ways, lead the way to a new era of strong growth in the trade and investment relations between the two countries.
Pakistan’s political and economic situation has improved significantly in the recent past with a civilian government in office. Better economic management has resulted in a Foreign Exchange reserve of over $10 billion. Recent reforms and a privatisation programme have set the stage for achieving growth in excess of 6% per annum.
In May 2003, the Pakistani Minister for Commerce, Humayun Akhtar Khan, during a visit to the UK, inaugurated the Pakistan Britain Trade and Investment Forum (PBTIF), a UK based counterpart to the PBBAG. This was established primarily through the energy and initiative of the Pakistan High Commission in London working with Asia House as the Secretariat. A key original aim of the PBTIF was to double the existing level of trade and investment between the UK and Pakistan, based on 2003 investment figures; an objective that has since been achieved.
The PBTIF plays an important role in improving trade and investment between the UK and Pakistan. One of the group’s original objectives was to organize the visit of a high level delegation of UK based businesses to Pakistan, in order to promote trade and investment between the two countries. This objective was accomplished with the visit of a delegation of 15 members in December 2003, coordinated with the then British Minister of State for Trade, Investment and Foreign Affairs, Mike O’Brien.
Asia House, 63 New Cavendish Street, London WIG 7LP |
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