FAISALABAD– British envoy Gillian Rogers has said that UK is establishing its own GSP plus scheme or a similar arrangement to maintain the current level of merchandise exports by Pakistan to UK.
“An increase in bilateral trade is obviously of more interest to the both governments.”
Addressing the members of the Pakistan Textile Exporters Association (PTEA), here on Thursday, she said by taking the advantages of forthcoming Brexit, economic ties between Pakistan and UK can be taken to the next level.
She said that Pakistan is an emerging frontier market that deserved greater attention, hence, the Department for International Trade (DIT) is increasing its resources for Pakistan. UK being a major trade partner of Pakistan would continue to extend its diplomatic and political support to help explore more avenues for bilateral business.
UK is currently focusing on green energy and energy efficiency in Pakistan including consultancy for individual enterprises on energy conservation in their production processes. We are working in different sectors of economy to enhance the productivity and the working conditions to further improve the quality and quantity of exportable surplus from Pakistan, she added.
Earlier, PTEA’s vice chairman Haris Yousaf welcomed the British envoy and briefly enlightened the core functions of the Association. Highlighting the warm friendly relations between Pakistan and UK, he said that UK no doubt is one of the vocal and reliable supporter of Pakistan and has taken extreme measures to support its economy.
He said that textile industry in Pakistan is the largest manufacturing and the 8th largest exporter of textile products in Asia. This sector contributes 8.5% to the GDP and provides employment to about 15 million people or roughly 38% of the 49 million workforce of the country.
Pakistan is the 4th largest producer of cotton with the third largest spinning capacity in Asia after China and India and contributes 5% to the global spinning capacity.
Highlighting the post Brexit effects on Pakistan-UK textile trade, he said that Brexit can potentially have a major negative impact on Pakistan’s exports as exports to UK are currently governed by GSP Plus scheme.
Pakistan benefits from a positive and growing balance in its merchandise trade with UK as it is fourth largest market for Pakistani exports. 85% of Pakistan’s exports to the UK consist of other made-up textile articles, articles of apparel, cotton and articles of leather.
All these products currently enjoy duty-free access to the UK under the GSP+. He stressed the need for continuation of the GSP+ or a similar arrangement to increase the export volume from Pakistan to UK.– PRESS RELEASE
