ISLAMABAD: Pakistan and the United Kingdom on Monday formally signed the Trade Dialogue Mechanism Agreement and announced the establishment of the UK-Pakistan Business Advisory Council to institutionalise bilateral economic cooperation.

The agreement was signed by Minister for Commerce Jam Kamal Khan and British Minister of State for Trade Policy and E conomic Security Douglas Alexander, according to state-run APP.

The agreement will establish joint working groups and regular review meetings and foster cooperation in digital trade, renewable energy, agriculture, and pharmaceuticals.

The ministers announced the creation of a new UK-Pakistan Business Advisory Council, bringing together senior business leaders and government officials to facilitate high-valuetrade and investment. The council will advice on policy reform, offer a confidential forum for engagement, and help promote commercial opportunities by addressing market access challenges and sharing best practices.

The UK has also announced up to £200,000 to support Pakistan`s aspirations to attract investment from the UK. The funds will provide technicalassistanceforinvestor outreach and support matchmaking between Pakistani investors and UK-based opportunities.

The dialogue highlighted shared ambition to build on recent momentum, with bilateral trade increasing by 7.3 per cent during the final quarter of last year. Bilateral trade is currently valued at £4.7 billion.

On the occasion, Mr Alexander said: `Today`s dialogue marks the next step in our long-standing relationship with Pakistan, taking our trading partnership to the next level and unlocking new opportunities for businesses in both our countries.