ISLAMABAD: Britain’s exit from the European Union (EU), commonly referred to as Brexit, may not have any immediate economic impact on Pakistan, said the Foreign Office on Monday.
The FO added that it would be necessary that Pakistani exporters improve their competitive advantage to compensate for the recent fall in the value of the Sterling.
“Pak-UK relations are rooted in history and are complemented by strong diaspora linkages,” said Sartaj Aziz, adviser to the prime minister on foreign affairs.
Pakistan has excellent economic and trade relations with the EU and multi-dimensional cooperation in different fields under a medium term strategic framework, this cooperation will continue, assured the FO.
The adviser passed the remarks in a high-level inter-ministerial meeting held in the wake of Britain’s decision to leave the EU. The meeting was attended by high level government officials.
The meeting also discussed ways and means of ensuring 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.
Attendants of 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 EU and the likely timings of the new arrangements that may evolve.
Britain voted to leave the EU, results from Thursday's landmark referendum showed, an outcome that sets the country on an uncertain path and deals the largest setback to European efforts to forge greater unity since World War Two.
Global financial markets plunged as results from a referendum showed a near 52-48 per cent split for leaving a bloc it joined more than 40 years ago.