FPCCI sees massive potential of increase in trade with UK

The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) sees lucrative potential to increase bilateral trade with the UK by 20-30% on annual basis.

UK is one of the few countries with which Pakistan enjoys a trade surplus. In 2022, the trade balance was in favour of Pakistan by £1.1 billion or $1.33 billion.

FPCCI Irfan Iqbal President said on Monday that “UK is one of the most significant export markets for Pakistani products with substantial and maintainable export numbers and rare trade surplus.”

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“There is massive potential to increase exports to UK,” he said.

His optimism emanated from the fact that Pakistan posted a handsome 38.6% increase in exports to the UK from Q4 2021 to Q3 2022, according to the factsheet recently released by UK’s Department for International Trade (DIT).

FPCCI Senior Vice President Suleman Chawla said that Pakistan’s value-added textiles and fabrics, leather products, IT and IT-enabled services, sports goods, gemstones and handicrafts were very popular in the UK.

“We can fastidiously achieve export growth of 20-30% annually through professionalism, quality assurance and nurturing a healthy rate of recurring B2B clientele,” he said.

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FPCCI Vice President Shaukat Omerson highlighted that approximately 7% of Pakistan’s total exports reach UK.

He proposed that exporters should be encouraged and incentivised to enhance shipments to UK because “it is critical for employment generation in Pakistan”.

Former FPCCI president Mian Nasser Hyatt Maggo stressed that Pakistani exporters should aim to enhance exports to UK to £5 billion in the short-term “as it is practically attainable within 2 to 3 years.”

FPCCI Pakistan-UK Business Council (PUKBC) Imran Khalil Naseer stated that the memorandums of understanding (MoUs) signed between Pakistan and UK have renewed interest and propensity to engage on a chamber-to-chamber and people-to-people level.