UK to help Pakistan overcome trade barriers

ISLAMABAD: 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 ?400 million, meaning an additional ?200 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.