UK- Pakistan trade relation and signing of FTA on priority

YarnsandFibers News Bureau 2016-07-24 12:00:00 – Lahore

Political changes after Brexit poll will by no means impact the United Kingdom-Pakistan trade relations and signing of free trade agreement (FTA) for enhancing bilateral trade is their priority, said Deputy High Commissioner of the Great Britain Belinda Lewis during a meeting with regional chairman and vice president Mian Rehman Aziz of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday.

Lewis said that they are still member of the European Union (EU) and there is a space for negotiations while the UK has strong trade and investment links with Pakistan long before the EU.

Aziz said that the UK is the third largest importer of Pakistani goods other than the United States and China. Pakistan’s exports are helped by the GSP plus arrangement with the EU. The renegotiation of tax especially for Generalised scheme of preference (GSP) plus status is very important for the business community of Pakistan.

Aziz discussed various matters of concerns, such as pound sterling’s stability and credit rating, trade under GSP plus and cost of doing business.

Federation of Pakistan Chambers of Commerce and Industry Vice President Syed Aasim Shah said that the UK is amongst the largest exporters to Pakistan with over 100 British companies operating in Pakistan. Pakistani exports to the EU are dominated by textile clothing and leather products.

British Business Centre Chief Executive Officer Malahat Awan said that they will soon sign a memorandum of understanding with the FPCCI for enhancing the trade relation. The opening of the British Business Centre in Lahore will significantly increase the support available to UK and Pakistani companies.

In addition to providing a base for visiting UK companies, the centre will also offer the UK’s and Pakistani member companies to have an access to a growing number of services, including market research, business opportunity, promotion, event management, networking opportunities and bespoke professional and sector specific services.

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