Following a meeting between Minister for Commerce and Textile Pervaiz Malik and UK Minister of State for Trade Policy Greg Hands, the announcement came on Monday that the UK government will give an additional £200 million export credit to help UK exporters win, fulfill and get paid for export contracts and Pakistan’s buyers access finance to source high-quality UK goods and services.
Minister Hands said that currently the UK supports Pakistan through the European Union’s generalised scheme of preferences (GSP) plus status. This arrangement encourages economic growth and sustainable development in Pakistan. It also helps business and consumers in Britain. As the UK leaves the EU, they recognise the need to ensure a smooth transition in their trading arrangements.
The UK, which is still a member of EU, will continue to support Pakistan to benefit from the EU’s GSP plus scheme, whilst in return Pakistan pledges to continue to make progress to improve human rights, labour rights, environment and good governance.
The UK will also help Pakistan break down barriers to trade, and to use the opportunities this brings to create jobs and reduce poverty. Both the governments are ambitious to see more British trade and investment in Pakistan, as well as Pakistani businesses exporting to and operating in the UK.
From textiles to business services, Pakistan has huge potential in the global economy and they are committed to work with businesses in both countries to strengthen these ties into the future. Pakistan is an exciting market for British business
Pakistan and the UK enjoy a shared history and a shared future. At this pivotal moment, marking 70 years of diplomatic relations, they reconfirm to build shared prosperity between the two countries. They will do this through their trade policies, and through links between businesses in both countries.
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