Ever since Pakistan was granted GSP plus status (granted in December of 2013), Pak-UK trade has increased by a total of 15%. GSP, or Generalized System of Preferences provides exemptions from the general rules of the World Trade Organization. Using these preferences, developing countries can use trade to grow their economies. For Pakistan, grant of GSP plus status by Europe meant that Pakistani products enjoyed duty-free access to European markets which will continue till 2017. Pakistan High Commissioner to the United Kingdom, Syed Ibne Abbas stated that Pak-UK trade increase of 15% is solely owed to this status.
The High Commissioner was speaking at a reception of the Conservative Friends of Pakistan in Manchester. Taking the opportunity, the High Commissioner thanked the UK government for increasing of Export Credit Facility for Pakistan from $200 million to $300 million. The HC of Pakistan expressed satisfaction over strong relationships between the two countries, and hoped for the Pak-UK trade to increase in the future as well. Conservative Friends of Pakistan are responsible for lobbying the country’s interests to the UK parliament and have done a wonderful job at that. Pakistan needs to secure stronger ties on all fronts for the prosperity of the country.
The primary aim of the Conservative Friends of Pakistan is to deepen and enhance relationship between the Conservative Party, British Pakistani community and Pakistan. Since its conception, the group has been able to provide a platform for Pakistanis residing in the UK, and Pakistani in general to become a vital part of the UK. While the Pak-UK trade has soared up in the recent years, it is imperative that Pakistan boosts trade ties with other major countries in Europe. For now, it is uncertain whether the GSP plus status will be extended beyond 2017. In order to ensure the status, Pakistan must make it worthwhile for the European which is only possible through increased trade between several countries. Meanwhile, we hope that the Conservative Friends of Pakistan will keep up the good work.You can follow us on Facebook, Twitter, or Google+ for more updates. Otherwise fill in the subscription box above, or subscribe to our RSS Feed.