Brexit not to have instant economic impact on Pakistan: Foreign Office
The Adviser to Prime Minister on Foreign Affairs, Sartaj Aziz chaired a high-level meeting on Monday in the wake of UK’s decision to leave the European Union, said a statement issued by the Foreign Office.
The meeting discussed ways to ensure concessions under GSP Plus would continue either under the post-Brexit settlements between Britain and the EU or through bilateral arrangements with the United Kingdom.
It was also decided that the ministry of foreign affairs would monitor legal and commercial implications of the treaties signed between the UK and EU and the probable timings of the fresh arrangements that may develop.
Commerce Minister Khurram Dastagir, Special Assistant to Prime Minister on Foreign Affairs Tariq Fatemi, and Ambassador Masood Khan along other senior officials also attended the meeting.
The participants of the meeting were of the view that Pakistani exporters should improve their competitive lead to compensate for the recent fall in the Sterling value.
The Commerce Ministry was also asked to conduct a detailed analysis of Pakistan exports to the UK.
The meeting noted that Pakistan has outstanding economic and trade partnerships with the EU and multi-dimensional cooperation in varying fields under a medium term strategic framework and expressed resolve to continue this cooperation.