ISLAMABAD: Economic and trade relations between Pakistan and the United Kingdom are growing stronger gradually. Building economic and trade relations are an agreed objective of the bilateral relationship between both countries. Growing the prosperity of Pakistan grows the prosperity of the United Kingdom, and vice versa, said by British Deputy High Commissioner John Anthony Tucknott in an exclusive interview with Customs Today .
John Anthony said that there was no Free Trade Agreement (FTA) between the Pakistan and the UK. However, Pakistan is taking benefits from being granted Generalised System of Preferences Plus (GSP+) status by the European Union from since January 1, 2014. GSP+ reduces import tariffs to zero on 6,336 product lines – including lines currently important to Pakistan such as textiles, and higher-value products that will promote sustainable development in the future.
He further said that Pakistani exporters should use the services offered by the Trade and Development Authority of Pakistan (TDAP), the Pakistan High Commission in London, and come and speak to the UK Trade and Investment (UKTI) Pakistan. UKTI Pakistan has Trade and Investment Managers in Islamabad, Karachi and Lahore. They are plugged into a global world-class trade and investment network. UKTI offices are working across England and equivalent organisations in Northern Ireland, Scotland and Wales.
Talking to the security situation prevail in Pakistan he said “Because of the security situation in Pakistan over the past two years, it has been difficult to organise trade delegation visits. But those have happened, and visits by UK companies individually, have found a land of real business opportunities resulting in new business”.
A number of Pakistani Chambers of Commerce and Industry have visited the UK and have resulted in a number of new agreements. John Anthony said that in calendar year 2014, bilateral trade in goods and services was £2.535 billion, which showed an increase by 14% as compared to 2013.
Over 100 UK companies have established operations in Pakistan, and many hundreds of others have appointed agents and distributors to promote their products. We have seen a steady flow of new companies entering Pakistani business market over the past two years, including new investors.
Talking about the business opportunities for business community he said “We look forward to welcoming many more, including in the energy and infrastructure sectors so crucial to the future development of Pakistan. UK companies bring with them technical expertise, innovation and experience of doing business globally”.
