The United Kingdom has launched a new trading plan that grants duty-free access to goods from 64 other nations, including Pakistan, in a significant step in commercial ties.
With the help of this plan, a staggering 94% of Pakistani goods would be allowed to enter the British market duty-free, saving the country a whopping £120 million.
The new trade system, which replaces the Generalised System of Preferences (GSP), is a significant development for Pakistani exports to the UK.
Additionally, it is anticipated that 156 more items would have their tariffs reduced, expanding trading possibilities.
According to the British High Commission, Pakistan and the UK now conduct £4.4 billion worth of trade annually, and the figures are expected to rise in the future.
The new programme aims to provide 65 nations, including Pakistan, with possibilities for free and fair trade.
By carrying out the required changes, trade quality is expected to increase, allowing these countries to actively participate in the global trading system, which is aided by the British Trade Centre.
Officials from the British High Commission have emphasised that this new business plan marks a significant turning point in commercial relations between Pakistan and the UK.
Notably, it will also assist 26 Asian and 37 African nations. The overall export volume from these nations to the UK is £21 billion.
Pakistan allows barter trade with Iran, Afghanistan and Russia
