ISLAMABAD:Commerce Minister Syed Naveed Qamar on Wednesday said the Generalized Scheme of Preferences has been replaced by a new scheme that will boost trade between Pakistan and the United Kingdom (UK) and reduce the need for aid. In a statement, he said the UK’s Developing Countries Trading Scheme has now entered into effect, providing tariff reductions and simpler terms of trade to Pakistan.
The Minister said under the new scheme, Pakistan retains enhanced preferences status and will continue to benefit from duty-free exports to the UK on 94 percent goods. It will also remove tariffs on over 156 additional products, and simplify some seasonal tariffs. Currently, the annual total volume of trade in goods and services between the UK and Pakistan is 5.63 billion dollars. It is expected that under the new scheme, 153.6 million dollars in tariffs will be saved on exports to the UK.
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