Daily Times

ISLAMABAD: Following the Brexit poll, a detailed review meeting at the Foreign Office on Monday concluded that the “Leave” vote may not have any immediate economic impact on Pakistan, however urged exporters to improve their competitive edge.

A statement from the Foreign Office said that Adviser on Foreign Affairs Sartaj Aziz chaired a high-level inter-ministerial meeting in the wake of United Kingdom’s decision to leave the European Union. The meeting was attended by Commerce Minister Khurram Dastagir, Special Assistant on Foreign Affairs Tariq Fatemi, and former ambassador to China Masood Khan along with other senior officials.

– Competitive advantage for Pakistani exporters –

The meeting pointed that it would be necessary that Pakistani exporters improve their competitive advantage to compensate for the recent fall in the value of sterling. The meeting asked the Commerce Ministry to carry out an in-depth analysis of Pakistan’s exports to the UK.

Ways and means were also discussed to ensure that concessions available to Pakistan under GSP-Plus would continue either under the new arrangements worked out between the UK and EU or through bilateral arrangements with the United Kingdom.

The meeting also asked the Ministry of Foreign Affairs to closely monitor legal and commercial implications of the treaties and agreements signed between the UK and European Union and the likely timings of the new arrangements that may evolve.

The meeting noted that Pakistan has excellent economic and trade relations with the EU and multi-dimensional cooperation in different fields under a medium term strategic framework and expressed resolve to continue this cooperation.