Pakistan and Uzbekistan signed on Friday a $1 billion deal to increase bilateral trade, a statement from Pakistan’s Ministry of Economic Affairs said.
At the 8th meeting of the Pakistan-Uzbekistan Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC), held in Tashkent, the agreement was signed.
The meeting’s main focus was on bilateral economic cooperation in a range of areas, including banking, finance, manufacturing, textiles, energy, oil, and natural resources, as well as transportation, communication, agriculture, tourism, and cultural development.
Pakistan, which is experiencing a balance of payments crisis and has foreign reserves that are just enough to cover three weeks of imports, would benefit from any investment prospects.
The delegation, and it was led by Finance Minister Ishaq Dar, was working on trade agreements that would encompass cooperation in a variety of areas, including commerce, banking, industries, energy, and agriculture, the ministry noted.
Laziz Kudratov, the Uzbek minister of investments, industry, and trade, and Dar served as co-chairs of the IGC meeting.
The Uzbek side appreciated the ongoing efforts made by both nations to promote stronger links, particularly in the areas of commerce, transportation, banking, and agriculture, the statement stated.
“The most important outcome of the IGC was the signing of the $1bn trade agreement, which will encourage the exchange of goods and services into a target and will also ease the process of trade.”
According to the statement, Dar appreciated the “deeper interests by the Uzbek side and strengthening the relationship and lauded progress already made” in the field of transport and trade. He also welcomed the Uzbek side to explore areas in automobiles, information technology and natural minerals.
The partners emphasised the enormous unrealized potential for bilateral trade and investment cooperation. The IGC also acknowledged the significance of tighter cooperation in bringing about sustainable development through technological advancement, innovation, and economic cooperation.
The IGC seeks to strengthen the regulatory environment while also promoting sustainable growth, supply chain resilience, and increased economic diversification.
The commission stated that it was happy with the amount of trade that took place on a bilateral basis between the two nations and wished to see it grow even more in the future. Moreover, Uzbekistan shown a dedication to improving bilateral connection via a variety of channels.
Dar, Tariq Bajwa’s special adviser, Zulfiqar Younus’ special assistant, Dr. Kazim Niaz, the federal secretary of the economic affairs division, and other Pakistani ministry members were present at the meeting.
Laziz Kudratov, the Minister of Investments, Industry, and Trade; Hamraev Oybek Nematovich, the Minister of Sport and Youth Policy; and Ikramov Adham Ilhamovich, the Chairman of the Uzbek Chamber of Commerce, all attended the meeting from the Uzbek side.
Both parties agreed to hold the ninth meeting of the Pakistan-Uzbekistan IGC next year in Pakistan.
