The United Kingdom has taken a momentous step in strengthening commercial ties with 64 nations, including Pakistan, by launching a new trading plan that offers duty-free access to goods.
This move is expected to have a significant impact on Pakistani exports, allowing a staggering 94 per cent of goods to enter the British market without any duties, resulting in substantial savings of £120 million for the country.
With the replacement of the Generalised System of Preferences (GSP), the UK’s new trade system opens up new avenues for trade and promises further tariff reductions for an additional 156 items.
The implementation of the new trade system marks a significant development for Pakistani exports to the United Kingdom. By providing duty-free access to a vast majority of Pakistani goods, the UK aims to foster a mutually beneficial trade relationship. This move is expected to boost the trading possibilities between the two nations and facilitate an expansion of bilateral trade.
According to the British High Commission, the current annual trade volume between Pakistan and the UK stands at £4.4 billion, and these figures are expected to rise in the future.
The new trading plan aims to extend opportunities for free and fair trade to 65 nations, including Pakistan. By facilitating necessary changes and improvements, the UK seeks to enhance the quality of trade and enable these countries to actively participate in the global trading system. The British Trade Centre will play a crucial role in supporting and assisting these nations in their trade endeavors.
Notably, this new plan also benefits 26 Asian nations and 37 African nations, collectively amounting to an export volume of £21 billion to the UK.
The new trade system also promises further tariff reductions and increased trading possibilities for participating nations. With this plan in place, the UK aims to promote free and fair trade, strengthen global trading systems, and foster economic growth for all involved parties.
