MANCHESTER: The trade between Pakistan and the United Kingdom has increased by 15 percent since Islamabad received the Generalized System of Preferences (GSP) Plus status in late 2013.
In his address at a reception of the Conservative Friends of Pakistan in Manchester, the Pakistan High Commissioner to the United Kingdom Syed Ibne Abbas thanked the UK government for enhancing the cover of Export Credit Facility for Pakistan from $200 million to $300 million.
The High Commissioner also highlighted the business opportunities for the British companies in the $46 billion China-Pakistan Economic Corridor (CPEC) Project.
Ibne Abbas appreciated the positive contributions made by the Conservative Friends of Pakistan in securing and promoting the interests of Pakistan at various levels.
On December 12, 2013 the European Parliament granted the GSP Plus status to Pakistan, allowing duty-free to Pakistani products to the European Union countries.
The GPS Plus status will remain till 2017, and it was expected to boost Pakistan’s exports, help revive the economy by creating more jobs and enable the government to spend more on education, welfare and social services.