ISLAMABAD: Pakistan can enhance its exports to the United Kingdom (UK) up to £10 billion if exporters exploit the available potential to the maximum, said Chairman UK-Pakistan Business Council Mian Kashif Ashfaq while talking to WealthPK.
“The current volume of bilateral trade is around £3 billion which is far less than the real potential,” he said.
Pakistan and the United Kingdom should also cooperate in agriculture, information technology (IT), mining and tourism sectors besides traditional industries such as textile, garments and pharmaceuticals. He urged the British companies to invest in the special economic zones (SEZs) in Pakistan.
“Pakistan is expanding its industrial sector by developing special economic zones, which provide opportunities for the British investors. The British and Pakistani companies can help in producing value-added products through cooperation and joint ventures,” Mian Kashif continued.
He urged the Pakistani exporters to explore the British market for more value-added products to enhance export value apart from quantity. Exporters should also obtain maximum advantages of the Generalised Scheme of Preferences (GSP+) status granted by the European Union (EU).
“Pakistan’s exports to the European Union rose to €12.2 billion from €6.9 billion during the last eight years under the GSP-Plus,” he said. The number itself explains how important GSP-Plus is for Pakistan.
“It is up to us to further enhance the volume of exports to the EU markets besides the UK. The GSP-plus is a mutually beneficial agreement.”
Anum Qaiser, a member of the British Parliament (House of Commons), said the UK was cooperating with Pakistan in healthcare, education, green energy and infrastructure sectors.
According to a statement of UK-Pakistan Business Council, during a meeting with the office-bearers of the council, Ms. Qaiser offered cooperation in agriculture, manufacturing and pharmaceutical sectors in Pakistan.
She said despite the bigger potential in the huge market of 220 million people, only 150 UK companies were doing business in Pakistan. Pakistan should formulate more business-friendly policies to attract investment, she said.
Ms. Qaiser suggested that Pakistani exporters meet the UK standards in order to get the maximum share in its food market. Pakistani companies should focus on better marketing of their products in the UK, she suggested.
According to the Trade Development Authority of Pakistan (TDAP), exports to the UK registered a significant growth of 34% during the last fiscal year (2020-21) compared to the preceding year of 2019-20.
Exports to the UK were recorded $2.076 billion during the last fiscal year compared to $1.546 billion in the preceding fiscal year, with an increase of $ 530 million, TDAP data said.
According to the UK Department of International Trade (DIT), Pakistan was the 53rd largest trading partner of the UK in 2021. Clothing, textile, cereals and fruits and vegetables are the top goods exported to the UK. In services, transportation, travel, government services, business services and insurance and pension are the top services exports, according to the DIT.
The DIT provides trade and investment services and practical support to the British companies working in Pakistan, and the Pakistani companies to set up and invest in Britain.
INP
