UK trade commission urges Pakistan to remove bottlenecks
ISLAMABAD: UK can play important role in promoting trade and investment growth of Pakistan by investing in competitive sectors, said Advisor to the PM on Commerce Abdul Razak Dawood on Monday.
The finance adviserwas to talking to UK Trade Commissioner to Pakistan, Afghanistan and Middle East Simon Penney, a government press release said.
The meeting aimed to discuss bilateral trade and investment relations.
He said that continuation of preferential market access under GSP Plus in the post-Brexit scenario will ensure predictability and sustainability to the Pakistani exporters in the UK market.
Mr. Penney underlined the importance of post-Brexit bilateral trade between the two countries and resolved to maintain the same market access to Pakistan as it enjoys with EU countries since the grant of GSP Plus status in 2014.
In this regard, he has further informed that UK companies are very committed to continue their imports from Pakistan.
While appreciating the bilateral investment relations through improved business environment in Pakistan, he urged the Advisor to remove all the bottlenecks, being faced by UK investment companies in Pakistan.
Moreover, he informed the Advisor about the UK Export Finance Scheme which covers selling of goods to the tune of 1 billion USD in UK market by providing risk insurance facility.
Pakistani exporters can get the benefit of this finance scheme by supplying goods to UK companies which are availing this facility.
“UK companies intend to work jointly with Pakistani companies to enhance bilateral investment relations by exploring untapped potential in various promising investment sectors” he added.
The Abdul Razak Dawood stated that Pakistan has launched a program titled Regulatory Guillotine to ease the business regulations.
He also added that Pakistan has taken various effective steps to improve trade procedures by establishing better trade facilitation regime.
Advisor said that the UK investment companies have substantial presence in Pakistan by making exponential investment in various sectors of the economy.
The Advisor also invited UK Trade Commissioner to have a follow up visit in September, 2019 for further deliberations on bilateral trade and investment issues.