Islamabad: Under the new trading scheme replacing the GSP, 94 percent of Pakistan’s products got duty-free access to the British market.
According to details, Britain has started implementing a new trading scheme for 65 countries, including Pakistan, under which 94 percent of Pakistan’s products have got duty-free access to the British market.
After getting duty free access, Pakistan will save 120 million British pounds in tariff. It is important to ensure the implementation of human and labor rights to benefit from the scheme.
Under the new scheme, Pakistan will be able to export 94% duty-free products to the UK, while tariffs on another 156 products are likely to be removed.
According to the British High Commission, the current volume of trade between Pakistan and the United Kingdom is 4.4 billion pounds, which is expected to increase further.
The new scheme will provide free and fair trade to 65 countries including Pakistan, improve trade standards through reforms and join the global trading system through the British Trade Centre.
In this regard, the officials say that the new scheme is a major development in the trade relations between Pakistan and the United Kingdom, it will increase Pakistan’s exports to the United Kingdom and also stabilize mutual economic relations.
The new scheme will benefit 37 African and 26 Asian countries. The total export volume of these countries to the UK is 21 billion pounds.
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