Trade is a way to bring economic prosperity to one’s country. Moreover, global trade helps countries around the world to connect, diversify and enhance their bilateral relations. To further trade with the United Kingdom, the UK-Pakistan business council has an important message for the exporters.
One thing about trade that decides whether you are going to get benefits out of it or not is the imports and exports. They decide the economic status of the countries. Imports are the commodities that you buy from other countries. Whereas, exports are the commodities that you send or sell in countries abroad. An increase in exports means that more money will flow into the country’s reserves which will automatically stabilize the country economically. While the increase in imports means burdening the country’s national reserves which in turn result in economic instability. Therefore, countries try to increase their exports while relying less on imports.
To enhance Pakistan’s trade, Kashif Ashfaq, Chairman of UK-Pakistan Business Council’s important message for exporters gives important insights. The Chairman advised the exporters to take advantage of the GSP+ of the European Union.
The generalized Scheme of Preferences (GSP) of the EU enables the developing countries to curb poverty and create employment according to their principles and standards. As per the GSP, the EU removes the import duties on the commodities entering the EU. Pakistan is also a participant of GSP+ which gives Pakistani exporters relief on some commodities. Pakistan’s GSP status has boosted the country’s exports in the 12 EU countries significantly. Both the countries have been able to work towards strengthening bilateral trade.
Furthermore, the chairman also highlighted the potential increase in trade between Pakistan and UK. According to him if the opportunities are exploited to the maximum then the export between Pak-UK is to increase up to £10 billion.
Kashif Ashfaq, while addressing a delegation of women exporters said the GSP+ supports 33 percent of the women in the clothing sector. This presents a huge opportunity for them to take advantage of. The delegation head, Saba Aalam Butt shared her concerns regarding the need for women monitored desks for women exporters. She further emphasized the importance of women’s role in the SME sector and how their contribution to the country’s trade can boost the economy.
The opportunities are there, the exporters just have to calibrate their strategies accordingly to enjoy the benefits these opportunities offer.