September 19, 2017
News
Pakistan, UK vow to boost trade ties
by inp
ISLAMABAD: Commerce and Textile Minister Muhammad Pervaiz Malik and the United Kingdom (UK) Minister of State for Trade Policy Greg Hands met on Monday. "Pakistan and the UK enjoy a shared history and a shared future. At this pivotal moment marking 70 years of diplomatic relation we reconfirm our ambition to build shared prosperity between our two countries" they stated.
They said that this would be achieved through business links and productive trade policies between the two nations. They spoke in favour of the European Union (EU) GSP+ trade preference scheme, saying that it encourages economic growth in Pakistan and helps businesses and consumers in the UK.
Hands stated that the UK recognises the need to endure a smooth transition in trading agreements as the UK leaves the EU, and that the UK intends to maintain the current preferences on a bilateral basis, which will give Pakistan generous access to UK markets. He said that while the UK is still a member of the EU, it will continue to support Pakistan so it can benefit from the GSP+ scheme and help Pakistan break down barriers to trade and use the opportunities it brings to create jobs and reduce poverty.
Malik stated that as Pakistan has over 200 million consumers it was an exciting market for British business. He said that UK companies exporting to Pakistan and Pakistani's buying goods and services from the UK were being supported by the UK export credit agency, UK Export Finance (UKEF) and that the UKEF had doubled its support to £400 million, which meant UK exporters had an additional £200 million to win, fulfil and get paid for export contracts while giving Pakistani buyers access to high quality goods and services from the UK.
They said that both governments are ambitious to see more British trade and investment in Pakistan as well as more Pakistani businesses exporting to and operating in the UK.
Courtesy www.dailytimes.com.pk