ISLAMABAD: United Kingdom has been a great supporter of enhanced market access for Pakistani products in the European Union, said federal minister for commerce Pervaiz Malik in a meeting with British High Commissioner Thomas Drew.
The minister said that it is a matter of satisfaction for both sides that bilateral trade between the two countries has been increasing over a period of time. He said that UK is Pakistan’s biggest trade partner in Europe with bilateral trade amounting to 2.08 bn Euros in 2016.
“Pakistan’s inclusion in EU’s Special Incentive Arrangement for Good Governance and Sustainable Development has been the major catalyst for promoting bilateral trade,” he added.
The minister said that UK has been a great supporter of enhanced market access for Pakistani products in the EU, which was crucial for Pakistan’s inclusion in EU’s GSP+ Scheme in 2014 and then for a successful review in 2016 by the EU Parliament.
“Pakistan acknowledges and appreciates the government of UK decision to maintain the enhanced level of market access available to Pakistan in EU under its GSP+ Scheme after formal exit from the EU,” added the minister.
Bilateral trade between Pakistan and UK has increased from 1.5 bn Euros in 2013 to 2.08 bn Euros in 2016 showing an increase of 39 percent, and is expected to rise in the current year. Pakistan’s exports to UK amounted to 1.3 bn Euros while imports from UK amounted to 756 mn Euros.
He further said that the economic and social indicators are on the rise in Pakistan and it offers a lucrative market for investment.
The British High Commissioner said that UK will continue its support for Pakistan and is always ready to work on ways to increase bilateral trade between the two countries.