Pakistan, UK have big potential to boost trade

Pakistan and the United Kingdom are steady trade and economic partners and have immense potential to take bilateral trade volume to new heights.

Talking to a two-member delegation of the UK, Lahore Chamber of Commerce and Industry (LCCI) President Mian Tariq Misbah said that the UK was a lucrative destination and it could help Pakistan increase its exports.

The two sides held discussions on a number of issues including bilateral trade, investment, Brexit scenario and GSP Plus status for Pakistan.

The LCCI president said that the two countries enjoyed strong bilateral relations and Pakistan’s businessmen should work on building ties with their British counterparts to take advantage of the available opportunities.

He was of the view that exchange of trade delegations and participation in exhibitions would be useful tools for the success of endeavours.

“Such interaction with the counterparts and other stakeholders paves the way for embarking on new areas of cooperation,” he noted.

Misbah pointed out that the UK was the third largest export market for Pakistan. He emphasised that the UK should ensure trade facilitation to Pakistan and called for making collective efforts to increase the existing trade volume between the two countries. “We have to identify the problems and find solutions to the issues coming in the way of trade promotion.”

He said that in order to enhance trade, there should be exchange of information.

Speaking on the occasion, LCCI Vice President Tahir Manzoor Chaudhry said that the textile industry was an important sector and generated over 60% of export revenue. “Pakistan is enjoying GSP Plus status. The UK is a very big market but we are dealing in limited products,” he said, adding that there was also a need for greater emphasis on skills development.

Farhan Farni, who was leading the delegation, called for making greater efforts to promote trade and investment between Pakistan and the UK.

Published in The Express Tribune, December 23^rd, 2020.

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