UK, Pakistan’s biggest trade partner with trade amounting to 2.08 bln Euros in 2016: Commerce Minister


ISLAMABAD, Aug 30 (APP): Federal Minister for Commerce,
Mohammad Pervaiz Malik on Wednesday said that the United Kingdom (UK) is
Pakistan’s biggest trade partner in Europe with bilateral trade
amounting to 2.08 bn Euros in 2016.
Bilateral trade between Pakistan and UK has increased from 1.5
bn Euros in 2013 to 2.08 bn Euros in 2016 that represents an
increase of 39%, he said in a meeting with British High Commissioner to Pakistan Thomas Drew.
During the current year, the statistics
indicate an increase over 2016, he said in statement issued by Ministry
of Commerce here.
Mohammad Pervaiz Malik said that it is a matter of
satisfaction for both sides that bilateral trade between the two
countries has been increasing over a period of time.
“Pakistan’s inclusion in EU’s “Special Incentive Arrangement
for good governance and sustainable development” has been the major
catalyst for promoting bilateral trade,” Pervaiz Malik added.
The Minister said that the UK has been a great supporter of
enhanced market access for Pakistani products in the EU.
He said that its support was crucial for Pakistan’s inclusion
in EU’s GSP+ Scheme in 2014 and then for a successful review in 2016
by the EU Parliament.
“Pakistan acknowledges and appreciates the government of the UK
decision to maintain the enhanced level of market access available
to Pakistan in EU under its GSP+ Scheme after formal exit from the
EU”, the minister added.
Pakistan’s exports to UK amounted to 1.3 billion euros while
imports from UK amounted to 756 million Euros, he added.
The Minister said that the economic and social
indicators are on the rise in Pakistan and it offers a
lucrative market for investment.
British High Commissioner,Thomas Drew congratulated Mohammad
Pervaiz Malik on becoming the Commerce Minister and said that the UK
will continue its support for Pakistan and is always ready to work
on ways to increase bilateral trade between the two countries.