ISLAMABAD: (Parliament Times) The Federal Minister for Commerce, Mohammad Pervaiz Malik has said that economic and social indicators were on the rise in Pakistan saying that the country offers a lucrative market for investment.
Malik said this while talking to British High Commissioner for Pakistan Mr. Thomas Drew who called on him here on Wednesday. The meeting was also attended by Secretary Commerce, Mr. Mohammad Younus Dagha. Appreciating the role of UK the federal minister for commerce said, â€œUK has been a great supporter of enhanced market access for Pakistani products in the EUâ€. The Minister welcomed the British High Commissioner and said that United Kingdom is Pakistanâ€™s biggest trade partner in Europe with bilateral trade amounting to 2.08 billion Euros in 2016.
Mr. Mohammad Pervaiz Malik said that it is a matter of satisfaction for both sides that bilateral trade between the two countries has been increasing over a period of time. â€œPakistanâ€™s inclusion in EUâ€™s â€œSpecial Incentive Arrangement for Good Governance and Sustainable Developmentâ€ has been the major catalyst for promoting bilateral tradeâ€, added Pervaiz Malik.
The Minister said that UK has been a great supporter of enhanced market access for Pakistani products in the EU. Its support was crucial for Pakistanâ€™s inclusion in EUâ€™s GSP+ Scheme in 2014 and then for a successful review in 2016 by the EU Parliament. â€œPakistan acknowledges and appreciates the Government of UK decision to maintain the enhanced level of market access available to Pakistan in EU under its GSP+ Scheme after formal exit from the EUâ€, added the minister.
Bilateral trade between Pakistan and UK has increased from 1.5 bn Euros in 2013 to 2.08 bn Euros in 2016 that represents an increase of 39%. During the current year of 2017, the statistics indicate an increase over 2016. Pakistanâ€™s exports to UK amounted to 1.3 billion euros while imports from UK amounted to 756 mn Euros. The Minister further said that the economic and social indicators are on the rise in Pakistan and Pakistan offers a lucrative market for investment.
British High Commissioner, Mr. Thomas Drew congratulated Mohammad Pervaiz Malik on becoming the Commerce Minister and said that UK will continue its support for Pakistan and is always ready to work on ways to increase bilateral trade between the two countries.