UK Export Finance doubles export credit for Pakistan
19 September 2017
Posted by: IOE&IT News
Minister of State for Trade Policy, Greg Hands has announced that the UK government will give 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".
The UK export credit agency, UK Export Finance, has already allocated £200 million for the promotion of British good and services in Pakistan.
The announcement came on Monday following a meeting between Minister for Commerce and Textile Pervaiz Malik and UK Minister of State for Trade Policy Greg Hands.
A joint statement stated: “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.
“With more than 200 million consumers, Pakistan is an exciting market for British business,” the statement added.
Minister Hands said currently the UK supports Pakistan through the European Union’s generalised scheme of preferences (GSP) plus status. “This arrangement encourages economic growth and sustainable development in Pakistan. It also helps business and consumers in Britain,” he added. “As the UK leaves the EU, we recognise the need to ensure a smooth transition in our trading arrangements.”
He said the UK, which is still a member of EU, will continue to support Pakistan to benefit from the EU’s GSP plus scheme, “whilst in return Pakistan pledges to continue to make progress to improve human rights, labour rights, environment and good governance.”
“The UK will also help Pakistan break down barriers to trade, and to use the opportunities this brings to create jobs and reduce poverty,” he added. Both the 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,” the statement said. “We are committed to work with businesses in both countries to strengthen these ties into the future.”