Britain would provide assistance and cooperate with Pakistan in qualifying for EU’s Generalised Scheme of Preferences (GSP) Plus in 2014. PHOTO: FILE
“There is a huge potential for enhancing trade and investment relations between the UK and Pakistan and in accordance with the directive of the UK prime minister, trade volume will be boosted to 2.5 billion pounds from the current 2 billion pounds by the year 2015,” Rauf said during a visit to the Faisalabad Chamber of Commerce and Industry (FCCI) on Wednesday.
He assured the businessmen that the issue of delay in visas would be taken up with the UK High Commission in Islamabad. The UK high commissioner may also visit FCCI in the near future.
Recalling that the UK has assisted Pakistan in winning the European Union’s Autonomous Trade Preference package, he said Britain would provide similar assistance and cooperate with Pakistan in qualifying for EU’s Generalised Scheme of Preferences (GSP) Plus in 2014.
In this scheme, exporters will be able to ship the products duty-free to European countries, which will stabilise Pakistan’s economy and increase the growth rate.
About collaboration in the area of education, he said many British educational institutions were expected to open their branches in Pakistan in the near future.
Speaking on the occasion, FCCI President Mian Zahid Aslam stressed that while the UK had always vowed to have deeper and stronger relationship with Pakistan, trade between the two sides was not up to the mark. In 2011, trade volume stood at 2 billion pounds comprising exports worth 1.32 billion pounds from Pakistan and imports worth 686.26 million pounds from the UK.
Major exports from Pakistan were textile and textile made-ups, apparel, cotton yarn and woven fabrics, furniture and mattresses. Import goods included boilers and textile machinery, iron and steel, telecom and electrical equipment, etc.
As the country faces chronic shortage of electricity, he invited British companies to enter into joint ventures and transfer technology to the power sector that offers great potential for investment. Pakistan’s economic policies do not place any bar on repatriation of profits and foreign investors can take 100% profits to their home country.
Published in The Express Tribune, March 14th, 2013.
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Cameron a great leader and working like a true friend GOD bless this great leader.