Pakistan to remain on UK trade preference list post-Brexit

LONDON: Pakistan High Commissioner Moazzam Ahmad Khan has shared with the business community that Pakistan would continue to benefit from the UK’s trade preferences scheme at par with the EU GSP Plus facility after Brexit.

According to a statement issued the other day, he was delivering a key-note address at a webinar on “Post-Brexit UK’s GSP Scheme and Potential for Pak-UK Trade”, jointly organised by the Pakistan High Commission, Trade Development Authority of Pakistan (TDAP), and Ministry of Commerce on Monday. Besides the officials of the Ministry of Commerce, TDAP, and chambers of commerce & industry, a large number of businessmen from Pakistan and the UK attended the webinar.

The High Commissioner highlighted the significance of the UK market for Pakistan, saying: “The duty-free access to Pakistan on more than 90 per cent of its exports is a good omen for the UK-Pakistan future trade and investment relations”.

In order to make effective utilisation of the concessions available to Pakistan and increase its market share post-Brexit, Moazzam Khan underlined the need for a comprehensive strategy, and effective public-private cooperation to leverage this potential. He informed the participants about the efforts undertaken to address regulatory and non-tariff barriers on Pakistani products, besides sharing his outreach plan to create awareness about the trade and investment potential of Pakistan.

The High Commissioner said it was encouraging to see remarkable growth in Pakistan’s exports to the UK and increased remittances to the country during the current fiscal year.

In order to sustain the current momentum, he urged the Pakistani businesses to diversify export products, establish long term business contacts with the buyers, develop compliance mechanisms, and acquire certifications.

“Given the potential of the UK market, products like pharmaceutical, healthcare & PPE (personal protective equipment), surgical instruments, IT enabled services, processed food and agriculture products possess immense potential and need to be exploited.” He assured all possible assistance and facilitation from the Mission to the Pakistani business community in their marketing efforts.

Earlier, Trade and Investment Counsellor Shafiq Shahzad made a comprehensive presentation on the UK’s trade preferential scheme for Pakistan and other developing countries, and highlighted potential for enhanced trade between Pakistan and the UK.

Adviser TDAP Kamal Shahryar spoke about the issues related to compliance with international conventions and rules of origin. During the event, former chairman PREGMEA (Pakistan Readymade Garments Manufacturers and Exporters Association) Ijaz Khokhar, Chairman JumpStart Pakistan Amjad Pervez and Secretary General Pakistan-Britain Business Council Atta-ul-Haq shared their views and gave proposals for expansion of the UK-Pakistan trade and economic ties in the post-Brexit period.