FPCCI holds first meeting of Pak UK Business Council of FPCCI

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FPCCI holds first meeting of Pak UK Business Council of FPCCI

August 4, 2020

Karachi:Sheikh Muhammad Tariq, Chairman Pakistan UK Business Council of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) organized first meeting of its Business Council at Federation House Karachi via Zoom link. The meeting was attended by Sheikh Sultan Rehman, Vice President FPCCI, Amir Khawaja, Vice President UK Pakistan Chamber of Commerce and Industry and Directors and Members of the Business Council. The meeting was graced by Shafiq Shahzad Trade Minister, Pakistan High Commission in London, UK.

While welcoming the participants Sheikh Muhammad Tariq, Chairman Pak-UK Business Council of FPCCI highlighted the economic outcomes of UK which is badly affected with COVID-19. He added that UK is one of the important trading partners of Pakistan which played a crucial role in economic and social development of Pakistan. He also informed about the post-BREXIT initiatives taken by various countries for enhancing the business ties between UK and respective countries. He desired to avail an area of just 2500 sq. feet in Royal Albert Dock (RAD) An Asian Business Hub, developed by Chinese Builders, nearby City Airport to establish Business Centre which will lead to flourish our business with trickle down effects.

He also informed about the registration of his company for filing of custom declaration service from January 2021. After completion of BREXIT transition period, additional more than 250 million custom declaration will be filed and processed. He also urged Pakistan to comply with standards and SPS measures as UK is importing 1.2 million ton of meat. He also underlined the need of developing Pakistani business center in UK as UK is establishing business hub wherein all the countries are establishing their offices.

He said that Pakistan is blessed with all kinds of resources including natural, economic and human which need be utilized in a manner to create wealth and employment for the country. He stressed on sector base policy for which realistic targets be set and direction be given to achieve the objectives. He also pointed out to the rapid growth of E-commerce sector which is very important in today’s environment. He also suggested organizing a round table conference by including all Heads of Government of Pakistan from Commerce Ministry, TDAP, BOI, FBR, UKPCCI, PBBC UK, SMEs, Prominent Businessmen from UK and PAKISTAN.

Sheikh Sultan Rehman, Vice President FPCCI stated that the trade between Pakistan and UK is in favor of Pakistan. Pakistan’s exports to UK stood at US$ 1.7 billion and Pakistan is mainly exports textiles cotton fabrics, knitwear and readymade garments, bed wear and rice to UK. During the period of availing of GSP Plus status, Pakistan’s export to UK increased by US$ 0.3 billion which is mainly increased in textile exports. Being one of the third largest export partner of Pakistan, Pakistan need to negotiate new trade pact or agreement which should facilitate trade equalize to GSP Plus and maintains Pakistan’s trade with UK.

The meeting decided to plan a trade delegation to UK in November and will also sign MoU with great Manchester Chamber. The participant also suggested joint ventures investment between two countries. The participant also requested to arrange post BREXIT trade arrangement with UK and good declaration system.

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