From January to December 2019, the trade volume between Pakistan and the UK remained at 2.043 billion pounds, a 6% increase over the same period last year according to UNHCR sources.
Shafiq A Shehzad, the Pakistani High Commissioner’s business and investment arm in London, told that Britain is an important trading partner for Pakistan.
He said that the UK is actually Pakistan’s third-largest export destination worldwide and the main destination within the European Union. Shehzad said that within the UK was a source of British foreign direct investment (FDI) in Pakistan.
He said that Pakistan is also one of the largest recipients of funding for the UK Department of International Development (DFID) programme. “All these facts attest to the commercial importance of the United Kingdom to Pakistan,” he said.
He said that while exports in other markets have fallen, Pakistan has helped restore our export revenue in the European Union. In addition, Pakistan has benefited from the General Preference Scheme (GSP) preferences.
Safi Shehzad emphasized trade analysis, saying that the trade volume between Pakistan and the United Kingdom in the calendar year remained at 2.043 billion pounds, an increase of 6% over the same period in 2018.
In addition, he said that Pakistan’s exports increased by 3.2% in 2019, which is a healthy sign, while imports from the UK showed a decline of 1.9%, which increased the trade balance by 6%. By comparison until last year. Shahzad added that during 2019, the composition of Pakistan’s export baskets shows a large part of the textile group, followed by the food group. He revealed that during the calendar year from January 2017 to December 2017, Pakistan’s exports to the United Kingdom amounted to 1.247 billion pounds from January to December 2018, and 1.27 billion pounds. It remained at 1.311 million pounds during December.
Similarly, he said Pakistan’s imports from the UK from January to December were 686 million pounds, compared with 746 million pounds in the same period in 2018, and still 732 million pounds in 2019.
Shahzad said that the total trade between Pakistan and the United Kingdom between January and December 2017 was 1.933 billion pounds, and from January 2018 to December 2018 it was 2016 million pounds. He said that although the total trade between Pakistan and the UK remained at 2.043 billion pounds from January to December 2019.
Shafiq Shahzad also stated that the trade balance between Pakistan and the UK was 561 million pounds from January to December 2017, compared with 524 million pounds from January to December 2018, and reached 597 million from January to December 2019. lb.
On the other hand, Asad Omar, Minister for Planning, Development and Special Initiatives assessed the level of British commitment in Pakistan and confirmed the decision to raise bilateral trade and investment relations to new heights.
The British High Commissioner, Dr Christian Turner, told Assad Omar, Minister for Federal Planning, Development and Special Planning, in a press statement issued by the Department of Planning, Development and Special Planning.
The Commonwealth Minister highlighted the potential of British investors in new areas of the economy, such as communications and information technology, as well as investments in agriculture, health, higher education and skills development. The two sides confirmed the decision to expand areas of cooperation and expand economic, cultural and educational cooperation.
He said that as the Pakistani economy begins to decline, the inflation rate may decline further, and the reform process is bearing fruit.
He commented that Pakistan is achieving sustainable growth and that after the successful implementation of the IMF plan, Pakistan will overcome the recurring problems of the balance of payments.
Asad Omar said that the China-Pakistan Economic Corridor (CPEC) has entered the second phase and the private sector will continue to develop.
He asked the High Commissioner to urge British investors to take full advantage of this opportunity. British High Commissioner Dr Christian Turner said the UK will explore investment potential in areas such as Pakistan‘s clean energy, climate change, health, education and tourism.