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Apr 20, 2017

UK is keen to focus on the region through engaging Pakistan

The new economic hub of the world China is quite interested in Pakistan’s Deep Sea Port Gwadar for exporting its product in lesser time that also reduce the cost to make these goods irresistible in different regions.

This strategic importance of the country has turned it into a land of opportunities and through its British companies can get into Chinese markets so cargo activity will be going to increase Cargo to Pakistan from the UK. In a recent visit of a delegation of seven British parliamentarians, they explore huge potential of business due to new developments in the region so ample interest from their side has been shown. They also mention about the possible visit of trade minister in this connection as the group of parliamentary members felt reality is totally different from the perception of the country.

Both trade and investment from this part would be enhanced and aforementioned statements are clearly indicating this.

Cargo rates are rising due to rush of work

The recent heavy in Freight Cargo forwarding operations at Britain ports resulted in an increase of cargo rates. This factor has forced exporters to halt their containers or pay high charges. Other items have absorbed this impact and there is no problem regarding their import in Pakistan.

Fluctuation in tax rates and custom duties is another major issue and consistency is required to keep the momentum going. Another major sector is of used cars that are sent from England as demand of luxury vehicles are on the rise and this type of cars are not manufactured or assembled at local units. But again relevant policy is not consistent so confusion prevails.

Areas of Cooperation between two countries

Major areas of cooperation could be goods, services, banking, security and tourism. By focusing these sectors, investors have indicated that these areas are ready to be made of international level as basic infrastructure has been built and will prove a launching pad. There is certain kind of hurdles of doing business here like intellectual property rights and tax regime consistency.

But there is tendency to resolve these problems and improve business environment that would reduce time required by bureaucratic agencies for new companies to operate. Consumer goods and pharmaceuticals are exported to Pakistan in large quantities and for this there are appropriate arrangements on both sides. Acceptability is also good that would give rise to more cargo activity on both sides.

New Stuff will be added in list of exports

Present annual trade volume is one and half billion American dollars and there are efforts from Britain to enhance compatibility and take advantage of emerging middle class with good purchase power.

Much focus is on trade while recent discussions of officials of the two nations and it describe the urgency very well. In recent years, there is much activity of exporting scrap metal to Pakistan and mostly containers shipped from ports of United Kingdom are carrying this stuff. This adds up to the old list of goods and result in further engagement of traders of both sides. For low valued wastes the cheapest means of transportation is used to keep the profit margin high and to get fastest cargo to Pakistan.

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