Pakistan and the UK enjoy a shared
history and a shared future. At this
pivotal moment, marking 70 years of diplomatic relations, we reconfirm our
ambition to build shared prosperity between our two countries.
We
will do this through our trade policies, and through links between businesses
in both countries. Currently, the UK
supports Pakistan through the EU’s trade preference scheme GSP+. This arrangement encourages economic growth
and sustainable development in Pakistan.
It also helps business and consumers in Britain.
As
the UK leaves the EU, we recognise the need to ensure a smooth transition in
our trading arrangements. The UK’s firm
intention is to maintain these preferences on a bilateral basis, with the
generous access to UK markets that it brings.
Alongside that, whilst the UK is still a member of the EU, the UK will
continue to support Pakistan to benefit from the EU’s GSP+ scheme, whilst in
return Pakistan pledges to continue to make progress to improve human rights,
labour rights, environment and good governance in line with its line with the
commitments made as part of the GSP+ scheme.
The UK will also help Pakistan break down barriers to trade, and to use
the opportunities this brings to create jobs and reduce poverty.
With
more than 200 million consumers, Pakistan is an exciting market for British
business. To support UK companies
exporting to Pakistan and for Pakistani buyers of UK goods and services, the
UK export credit agency, UK Export
Finance (UKEF), support is to more than double
to up to £400 million, meaning an additional £200 million 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.
Both 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
pharmaceuticals, engineering and sporting goods, to finance, legal or business
services, Pakistan has huge potential in the global economy. We are committed to work with businesses in
both countries to strengthen these ties into the future.
