As much as I deeply love and respect Pakistani people for their history, courage and willpower - you're by far the most interesting people in the Islamic world - I've strong doubts about Pakistan's participation in this project.
Personally, I don't think that Pakistan will be a major partner except for industrial cooperation and production of certain parts. This is not a defense issue, it's rather politics. What we people on PDF unfortunately refuse to believe is India's scope of influence in the United Kingdom.
It's true, Brexit is a huge opportunity for Turkey. I'm convinced that Brexit was/is one of the main reasons for the Brits to work together with us on this critical project. But Brexit also created new dependencies for the UK in reference to a new foreign policy.
I'm afraid that India's importance for London has strongly increased. India is not powerful enough to stop cooperation between two NATO partners and allies like London and Ankara. But they're going to put pressure on UK to ensure that Pakistan will stay out of this project. At the end of the day, the British gov't promised many times a comprehensive FTA with India. It should be pointed out that negotiations between EU and UK could end without a satisfying outcome. If this happens, London will do anything to ink a trade deal with India. This time New Delhi holds the whip hand.
Of course, once this project is completed, Pakistan will likely buy some subsidized planes. However, I'm firmly convinced that India's goal is to reduce the possible knowhow Pakistan could gain from this project.
Maybe I'm too one-sided in my analysis?
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As I can see that many of friends here actually added and replied to your observation which is, IMO, another side of picture as well. I will just add a bit into this from my understanding which is not neccessirily to be exact and proven.
With reference to your mentioning of UK Brexit, it is true that post brexit, UK will explore more markets and will reach to many countries in this regard but the same, IMO, wouldn't be used as an opportunity to exploit as well as to have an influence in return. UK is free and we see very less of her being influenced when it comes to Pakistan India as both countries holds their independent relations and UK wouldn't side with anyone.
Now about TFX project, as as I know from the TAI (Trukiye) and BAE (UK) contract on the subject, it was clearly stated that Trukiye will have full authority and freedom in TFX program whether it is about partnering or selling to any customer. I am sure, full authority means that both parties will respect each other's decision and will abide by the contract and that was the time when Turkiye, being aware of contract at fully, invited Pakistan for TFX so it validates that any influence upon BAE/UK has less chances under these developments.
Such contract does not prove that we are going to buy TFX or we are partnering the program by full scale, as of yet but on other hand, IMO, it would be more about utilizing PAC/PAF expertise being in field since long as well as having experience and well reputed AF along with parterning JF-17/FC-1 program that taught us enough till now. IMO, PAC rule would be more of into specific areas related to TFX to deliver our expertise and in return, Pakistan will be getting the knowledge that as of yet, we are missing which is more about Pakistan's Next Generation Fighter (NGF). PAF ACM stated in past that PAF will be working on NGF, a fighter of our own in next generation class so it can be assumed that either the knowledge gained from China & Turkiye will be utilized for the same or any of these program like FC-31 or TFX would be brought and will be utilized to build our own version of NGF.
There are still important things that are not clear till now as whether Pakistan will acquire initially a 5th Generation Program as per need or it is only going to be the NGF. However, as the rumors are in the air, the best area of interest w.r.t. to 5th Generation Bird for PAF, was somehow dicussed as it is going to be FC-31. Now if we go by the same logic, I can see that may be, we will use our knowledge gained from TFX, for our version of like FC-31 and there is a whole new bird for PAF. May be partnering with China & Turkiye will help us to have our own version of 5th Generation Plane either based upon FC-31, an altered FC-31 or based upon TFX, as the same is still unclear. However, FC-31 is flying in prototype and progressing further whereby TFX has to feel the air that I think is reported around 2023-2025. It is true that, our economy currently does not allow Pakistan being partner in TFX with full spectrum of funding but on other hand, money is not everything but experience and knowledge counts more than it hence, PAC will be taking part in TFX in specific areas of expertise.
In my limited knowledge, seems like PAC will be participating in TFX only related to few areas of having knowledge while on other hand, it would be to learn more from TFX as the same is going to be one of the best Western type tech programs. Turkiye is well experienced and being a NATO ally, can produce high quality tech and especially as BAE is partnering, IMO, it was more about to gain more knowledge from TFX and share whatever we have gained from JF-17 as well as our experience as being one of well reputed Air Forces. Just for a short add-on, JF-17 cockpit designed is based upon the experience and knowledge as well as expertise of PAF Pilots.
I hope that the same program, read TFX, will bring more fruit to the both of nation and may fulfill the need that our people have been working day & night. Rest about TFX being in Pakistan Colour, how come someone will never wish of it until & unless our enemies. TAI & BAE speaks volume that anyone can expect the quality of TFX. May be, Pakistan will participate in subjected program as per expertise in lieu of funding and then, will have to pay less than any other customer as the much amount will compensated against our share of knowledge that I see as another possibility to have TFX in our colour.