Staff Reporter
Karachi
Pakistan must have same level of market access with UK after BREXIT which Pakistan is enjoying with EU, this was stated by Sheikh Sultan Rehman Vice President of the Federation of Pakistan Chamber of Commerce and Industry in a webinar on “Impact of BREXIT on Trade and Economy of Pakistan” organized by FPCCI Head Office Karachi, Regional Office Lahore and Capital Office Islamabad via Zoom Video Conference.
The Webinar was attended by Kamal Shahryar, Adviser on GSP Plus Trade Development Authority of Pakistan, Ms. Aaisha Makhdum and Mr. Baber Khan Joint Secretary and Deputy Secretary Ministry of Commerce, Mr. Asim Yousuf Vice President Pak-UK Chamber of Commerce and Industry, Dr. Zulfiqar Hyder Senior Economist, Syed Ali Raza Media Deputy Director State Bank of Pakistan, Sheikh Muhammad Tariq, Chairman Pak UK Business Council of FPCCI, Mr. Zakaria Usman Former President FPCCI, Ms Qaisra Sheikh Coordinator Women Enterpreneurs and Executive Committee and General Body Members of FPCCI.
While welcoming the participants, Sheikh Sultan Rehman Vice President FPCCI stated that there was a historical referendum in UK in 2016 wherein the people of UK voted against remaining in EU which created a wave of shock and caused loss of US$ 2 trillion in a day. He added that UK plays a key role in economic and social development of Pakistan. At present, the balance of trade between Pakistan and UK is in favor of Pakistan. Pakistan’s exports to UK stood at US$ 1.7 billion and Pakistan is mainly exporting textiles cotton fabrics, knitwear, readymade garments, bed wear and rice to UK.
He stated that currently the trade between Pakistan and UK is going on under EU GSP Plus scheme which will end for UK from January 01, 2021. He also urged Pakistani Government to sign Bilateral Investment Treaty with UK.
