CPEC likely to become trade destination for UK after Brexit

The Businessmen Panel of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Sunday said Post Brexit was an opportunity for Pakistan to negotiate well with UK authorities for concessional tariffs on Pakistani goods.

“The brexit happened at a time when United Kingdom had already improved their travel advisory for Pakistan,” the panel said.

In a statement, the panel said Pakistan and UK had historic ties and an umbrella of common wealth too which must be seen in a greater economic diplomacy.

UK-Pakistan bilateral trade in 2017 was £2.9 billion in which Pakistan had an edge. The UK is currently Pakistan’s third largest source of foreign direct investment, after China and the Netherlands.

The FPCCI body said there were opportunities for British businesses to benefit by integrating Pakistani firms into their supply chains.

Pakistan is keen to expand and diversify its export base and is already competitive in products such as textiles, garments, surgical instruments, steel, and sporting goods and Under China’s Belt and Road Initiative, the China-Pakistan economic corridor (CPEC) is a collection of modern infrastructure projects including roads, rails and power plants for improving geographical connectivity in the region which may complement to Britishers business community.

It also viewed that trade envoy MP Rehman Chishti visited Pakistan several times in his appointment to boost UK-Pak trade relations post-Brexit.

Former British Home Secretary Sajid Javid and Mayor of London Sadiq Khan have paid pivotal visits to Pakistan in the past, which further indicates how serious the British government is to strengthen the bond between the two countries.

Pakistan’s Prime Minister Imran Khan has also repeatedly stressed the importance of the bilateral trade between the two countries.

Let’s hope when the dust settles after the much-dreaded Brexit, the trade prospect between the two countries is explored to its fullest potential and this bilateral partnership goes to the next level.