The future of UK-Pakistan trade
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You should ensure you take the necessary steps to comply with the requirements of the UK Bribery Act. To revive growth, the government has implemented reforms supported by an International Monetary Fund IMF programme agreed in The IMF has revised upwards its growth estimate for this year to 4.
Industry accounts for nearly a quarter of GDPand includes an export-oriented textile sector, as well as chemicals and food processing. Increasing trade and foreign investment with the EU is expected to boost growth going forward.
The governments trading banks in pakistan and uk Pakistan and the UK are committed to co-operating where we have shared interests, including trade and investment, economic stability and development. Pakistan currently has 7 bilateral trade agreements in place: When agreed, this will open up trade between Pakistan and the vast Indian market.
In turn, it allows exporters from Pakistan access to central Asian markets via Afghanistan. The UK is amongst the largest exporters to Pakistan with over British companies physically operating in Pakistan.
Department for International Trade DIT provides free international export sales leads from its worldwide network. Search for export opportunities. As urbanisation develops Karachi alone will need half a million new housing units every year. There are opportunities for the construction of:. Pakistan faces a 10, MW shortage of power and currently is too reliant on imported trading banks in pakistan and uk. Many of the independent private power projects in operation since are heavily dependent on fuel oil.
As a result, many power plants are now being converted to coal. Pakistan has the third largest coal reserves in the world, an estimated billion tonnes, equivalent to billion barrels of oil. The public sector makes up to The hypermarket segment is growing at a steady rate of The general law and order situation throughout the country is a major challenge. The Pakistan security sector is well-established and connected to suppliers based in Europe, north America and the Far East.
Pakistan is a price conscious market, but there are opportunities for high quality products and services. You must check your goods are meeting legal requirements for export.
The services sector in Pakistan made an estimated Financial, professional and business services were a major contributor to this figure. Opportunities occur across many sectors, including privatisation of state-owned enterprises. They include a need for:. The creative industries economy in Pakistan made a 4. Crafts, publishing, music, visual and performing arts are well represented nationally. If you are looking to do business in Pakistan you can set up a company, normally a local subsidiary.
Pakistan is a market in which family structures predominate in the business environment, and where personal relationships are important. This requires an investment primarily of time and personal presence.
Therefore, you should regularly visit Pakistan, especially during the early phase of your set up. You are advised to seek legal and taxation advice before entering into a joint venture or similar type of partnership with a local company in Pakistan.
Trading banks in pakistan and uk the Department for International Trade DIT team in Pakistan to help find tax and legal advisers before entering into agreements. The Pakistan Standards and Quality Control Authority has responsibility for standards and quality requirements. The Ministry of Health is concerned with labelling requirements of drugs, cigarettes etc.
In general, labelling in English and Urdu is required on all consumer products and needs to be approved by the relevant ministry or department. At the minimum, labels need to provide the following:. You should use a packing list for all shipments containing more than one shipping unit of packaged cargo.
Most countries require packing lists to be provided together with the commercial invoice. The information must be consistent with all information shown on the commercial invoice. Intellectual Property IP has been mainstreamed in Pakistan since Since then the government of Pakistan has taken measures to ensure effective protection of intellectual property in Pakistan.
Register your brands with the Intellectual Property Organization on Pakistan. IPPAs are designed to encourage investor confidence by setting high standards of investor protection applicable in international law.
Trading banks in pakistan and uk and duties paid in Trading banks in pakistan and uk can be claimed back in the UK. The corporate income tax rate is a tax collected from companies. Its amount is based on the net income companies get while doing business, normally during one business year.
The sales tax rate is a tax charged to consumers based on the purchase price of certain goods and services. This applies to a few products that the government is actively discouraging the importation of. Port charges, clearance charges, transportation and the additional duties charged for certain products are extra on top of the customs tariff.
You can find more about import tariffs in the Market Access Database. There is a list of banned items that cannot be exported to Pakistan. You can find the list on trading banks in pakistan and uk the Import Policy Order Visitors are not permitted to trading banks in pakistan and uk alcoholic beverages, except for non-Muslims, who can import enough for their own consumption.
Two copies of the commercial invoice should be included. Trading banks in pakistan and uk invoice should provide exact details of the shipment including:. You need to get insurance certificates and Letters of Credit LoC. A Bill of Lading is required to allow cargo clearance. Certificates of Origin are only required if the imports require additional processing in Pakistan.
Permit applications under the Dutiable Commodities Ordinance require one additional copy of invoice and Bill of Lading.
English is the official business language in Pakistan. People speak reasonably good English and have a good level of understanding. Pakistan is an Islamic state. Women are expected to dress modestly when attending meetings or visiting some parts of the country. Western attire is acceptable. Pork is banned in the country. Alcohol is officially banned for Pakistanis, but overseas visitors can buy alcohol at some leading hotels.
This can only be consumed on the premises. Muslims observe the month of Ramadan where they fast from sunrise to sunset. Visa violations can be treated as a criminal offence and could result in a fine or detention. Details of the types trading banks in pakistan and uk visa and how to apply can be found at the Pakistan High Commission website.
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Pakistan export overview 2. Trade between UK and Pakistan 5. Opportunities for UK businesses in Pakistan 6. Tax and customs considerations 9. Pakistan export overview Pakistan is a developing market with a young and growing population of around million.
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