UK envoy says FTA with Pakistan on priority

LAHORE: Deputy High Commissioner of the Great Britain Belinda Lewis said on Saturday political changes after Brexit poll will never impact the United Kingdom-Pakistan trade relations and signing of free trade agreement (FTA) for enhancing bilateral trade is their priority.

“We are still member of the European Union (EU) and there is a space for negotiations while the UK has strong trade and investment links with Pakistan long before the EU,” Lewis said during a meeting with regional chairman and vice president Mian Rehman Aziz of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

Aziz said renegotiation of tax especially for generalised scheme of preference (GSP) plus status is very important for the business community of Pakistan.

The UK is the third largest importer of Pakistani goods other than the United States and China. Pakistan’s exports are helped by the GSP plus arrangement with the EU, he said.

Aziz discussed various matters of concerns, such as pound sterling’s stability and credit rating, trade under GSP plus and cost of doing business.

British Business Centre Chief Executive Officer Malahat Awan said they will soon sign a memorandum of understanding with the FPCCI for enhancing the trade relation.

Awan said opening of the British Business Centre in Lahore will significantly increase the support available to UK and Pakistani companies.

In addition to providing a base for visiting UK companies, the centre will also offer the UK’s and Pakistani member companies to have an access to a growing number of services, including market research, business opportunity, promotion, event management, networking opportunities and bespoke professional and sector specific services.

Federation of Pakistan Chambers of Commerce and Industry Vice President Syed Aasim Shah said the UK is amongst the largest exporters to Pakistan with over 100 British companies operating in Pakistan. Pakistani exports to the EU are dominated by textile clothing and leather products.