LONDON, June 30 (APP): Pakistan’s exports to UK have crossed US $ I billion mark this year for the first time in history. With the growth rate of 16.29 % during the period July 2008- April 2009, Pakistan has seen an all time high export to the UK, which is one of Pakistan’s top three export markets in the world for the last four years from 2005-2006 through 2008- 2009 financial years. Due to dedicated efforts of Commercial Wing of Pakistan High Commission, UK remains among top three markets with balance of trade in favour of Pakistan.
Exports from Pakistan to the UK were worth 1.03 billion during the financial year 2007-2008. The exports mainly constituted such items as textile yarn, rice and cereals, fruit and vegetables and value added items like apparel and clothing accessories, power generating machinery and equipment.
Officials at Pakistan High Commission explained that by diversifying products a huge potential of enhancing further exports can be exploited.
Three new sectors with export potential to the UK are high quality periods replica furniture, health care items including pharmaceuticals, surgical and beauty care instruments, herbal medicines, hospital linen besides dairy and Halal meat products.
In this context the commercial wing of Pakistan High Commission has planned sector specific conferences. A conference for promotion of Healthcare sector is being organized here from July 21 to 23.
As market access remains a crucial factor in expanding trade share Pakistan has insisted time and again for concessions and preferences such as GSP plus.
The surge in exports due to effect of award of GSP plus in the past is evident from the comparison of data of FY 2003-2004 with the successive years.
According to the officials, in UK there is great interest for trade with Pakistan which could be translated into growth of exports through greater outreach to importers and by rectifying misperceptions about Pakistan, as travel advisories by FCO and discreet policies of companies of not providing insurance cover to travel to Pakistan create reluctance among people to travel to the South Asian country for business.
Source: Associated Press of Pakistan