Trade To Be Strengthened With UK
Trade To Be Strengthened With UK: The British High Commission (BHC) and the Lahore Chamber of Commerce and Industry (LCCI) have committed to strengthening trade collaborations.
The British High Commission’s Acting High Commissioner Richard Crowder and Deputy Trade Director Matt Lister met with LCCI President Malik Tahir Javaid and Secretary General Shahid Khalil to discuss strengthening trade between the UK and Pakistan.
Both sides welcomed the recent increase in bilateral trade, which in 2016 stood at £2.7 billion, and agreed that this figure should rise further in the future.
In particular, they agreed on the scope for growth in sectors such as finance, legal and business services and IT, and on the importance of reforms to make Pakistan an easier and more attractive destination for businesses, including in the tax environment.
Deputy High Commissioner Richard Crowder said, “Pakistan is South Asia’s 2nd largest economy with a growing middle class and close ties to the UK. And the UK is Pakistan’s largest export market in Europe.
As the UK leaves the EU, we want to deepen our economic relationship with Pakistan, with more trade and investment flowing in both directions.”
The merchandise trade volume between Pakistan and the United Kingdom during the calendar year 2017 has increased to over £ 1.93 billion showing an increase of 8 percent when compared to 2016, Commercial Counsellor Pakistan High Commission London, Sajid Mehmood Raja said.
“During the year 2017 Pakistan’s total exports to the United Kingdom reached over £1.24 billion which also showed an impressive growth of 8 percent as compared to previous year,” Sajid Mehmood Raja said. “Our trade surplus with the UK has increased by 5 percent,” he added. He said the export of textile sector products showed strong growth, mainly in the knitted garments, followed by non-knitted garments and home textile products.
Sajid said strong growth was witnessed in the export of cereals, particularly rice, to the UK. He said due to proactive efforts of the Pakistan High Commission, the British government had given a commitment that post-Brexit, Pakistan would continue to enjoy similar market access which it was currently enjoying under GSP Plus.
This development, he said, had removed the element of uncertainty and further boosted Pakistan’s exports to the UK market.
It may be mentioned that the UK is an important trading partner of Pakistan. It the 3rd largest destination of the Pakistani exports globally and the top destination within the European Union (EU) countries.
Within EU, Sajid said, the UK was also the main source of Foreign Direct Investment (FDI) in Pakistan.
The upward trajectory in the bilateral relations between Pakistan and the UK would further bolster their trade and economic relations, he added.
For More Information & Videos Subscribe To Our YouTube Channel