ISLAMABAD: Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Regional Standing Committee, Chairman Ahmad Jawad on Friday called for immediate coordination with UK officials to find the way how trade shipments may continue between two countries after Britain voted to leave European Union (EU).
Earlier, EU was in charge on trade policy and the trade negotiations with non EU countries are conducted by the European Commission on the basis of a negotiating mandate from the member countries' trade ministers, he said in a statement issued here.
However, Jawad said the key to economic success would lie in the trade deals, the UK could strike with the rest of the world.
The disruption for British business could last well beyond the time taken to reach a settlement with the EU (which is expected to take at least two years).
Trade agreements between the EU and 52 other countries, which currently cover the UK, could not just be lifted off the peg.
Pakistan had entered the GSP plus club where UK was included from January 1, 2014, enabling it to export textile goods to 27 European countries till 2017 without any duties.
Under it, almost 20 percent of Pakistani exports entering the EU market at zero tariff and 70 percent at preferential rates.
EU accounts for 25 percent of Pakistan's exports and 10 percent of imports. The bilateral trade volume is around $11 billion.
Pakistan is exporting mainly textiles and leather products to EU and imported mechanical and electrical machinery, chemical and pharmaceutical products.
Jawad also said, UK is amongst the largest exporters to Pakistan with over 100 British companies physically operating in Pakistan.
In 2014, UK goods exported to Pakistan were worth Euro 618 million. Bilateral trade in goods and services increased from Euro 1.9 billion in 2009 to 2.2 billion in 2013.
As per Trade Map of ITC, in 2015 UK imports value from Pakistan was $ 1675,348 dollars and the major commodities were textile, mangoes, vegetables, leather, footwear, cereals etc.
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