UK to help Pakistan overcome trade barriers: Joint Statement

ISLAMABAD,Sep 18 (APP): The United Kingdon (UK) Monday
asserted that it would help Pakistan overcome trade barriers and
take advantage of opportunities to create jobs and reduce poverty.
“With more than 200 million consumers, Pakistan is an exciting
market for British business,” said a joint statement issued after
trade talks between UK Minister of State for Trade Policy, Greg
Hands and Pakistan’s Minister for Commerce and Textile,Muhammad
Pervaiz Malik here.
Pakistan and the UK enjoyed a shared history and a shared
future, the statement added.
“At this pivotal moment, marking 70 years of diplomatic
relations, we reconfirm our ambition to build shared prosperity
between our two countries,” it said adding that this would be done
through trade policies, and through links between businesses in both
the countries.
Currently, the UK supports Pakistan through the EU’s trade
preference scheme GSP Plus.
This arrangement encourages economic growth and sustainable
development in Pakistan, it said adding it also helped business and
consumers in Britain.
“As the UK leaves the EU, we recognize the need to ensure a
smooth transition in our trading arrangements. The UK’s firm
intention is to maintain these preferences on a access to UK markets
that it brings,” it added.
The statement read that whilst the UK was still a member of
the EU, the UK would continue to support Pakistan to benefit from
the EU’s GSP Plus scheme.
In return Pakistan pledged to continue to make progress to
improve human rights, labour rights, environment and good governance
in line with its commitments made as part of the GSP
Plus scheme, it added.
To support UK companies exporting to Pakistan and for
Pakistani buyers of UK goods and services, the UK export credit
agency, UK Export Finance (UKEF), support was to more than double to
up to œ400 million, meaning an additional œ200 million to help UK
exporters win, fulfill and get paid for export contracts, and
Pakistan’s buyers access finance to source high-quality UK goods and
services.
Both governments are ambitious, to see more British trade and
investment in Pakistan, as well as Pakistani businesses exporting to
and operating in the UK.
From textiles to pharmaceuticals, engineering and sporting
goods, to finance, legal or business services, Pakistan has huge
potential in the global economy.
“We are committed to work with businesses in both countries to
strengthen these ties into the future,” it added.
In press briefing after the bilateral negotiation, Minister
for Commerce and Textile, Muhammad Pervaiz Malik said the negotiations between Pakistan and UK were held in good environment and both sides agreed to enahnce the bilateral trade.
Both the countries have long history of bilateral diplomatic
and economic ties.
He said that bilateral trade between Pakistan and UK was
increased after the GSP Plus from Europeon Union adding that the
position of Britain would remain the same as had been before Brexit.
UK Minister of State for Trade Policy, Greg Hands said that
Pakistan was a potential market of 207 million people and both the
countries were willing to enahnce the bilateral trade.
He said that UK wanted to increase the trade and economic
relations with Pakistan.