Pakistan and Uzbekistan signed a $1 billion agreement to expand bilateral trade on Friday, according to a statement from Pakistan’s Ministry of Economic Affairs.
At the eighth meeting of the Pakistan-Uzbekistan Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC), the agreement was finalised.
The agreement was signed to promote the exchange of goods and services, according to the ministry’s statement.
The primary focus of the meeting was bilateral economic cooperation in a variety of sectors, including commerce and trade, banking, industries and production, investment, textile industry, energy, oil and natural resources, transportation and communication, agriculture, and tourism and culture development.
Pakistan faces a balance of payment crisis, with foreign reserves falling so low that they can cover imports for only three weeks. Any investment opportunities would be a boon for the country.
The delegation was led by Finance Minister Ishaq Dar to negotiate trade agreements covering cooperation in fields such as commerce, banking, industries, energy, and agriculture, according to the ministry.
Laziz Kudratov, the Uzbek Minister of Investments, Industry, and Trade, and Dar co-chaired the IGC meeting.
The Uzbek side appreciates the ongoing efforts of both countries to foster closer ties, especially in the areas of trade, transportation, banking, and agriculture, according to the statement.
“The most significant outcome of the IGC was the signing of the $1 billion trade agreement, which will encourage the exchange of goods and services with a specific market and also facilitate trade.”
According to the statement, Dar praised the “deeper interests by the Uzbek side and strengthening the relationship” as well as the “already achieved progress” in the realms of transport and commerce. In addition, he encouraged the Uzbek side to investigate automobiles, information technology, and natural resources.
The parties highlighted the immense untapped potential in bilateral investment cooperation and trade. In addition, the IGC acknowledged the significance of closer cooperation in achieving sustainable development through technology, innovation, and economic cooperation.
The objective of the IGC is to increase economic diversification, sustainable growth, the resilience of supply chains, and a robust regulatory environment.
The commission was pleased with the bilateral trade volume between the two nations and wished to increase it in the future. In addition, Uzbekistan demonstrated a commitment to enhancing bilateral connectivity via a variety of modes.
Dar, Special Adviser to the Prime Minister Tariq Bajwa, Special Assistant to the Finance Minister Zulfiqar Younus, Federal Secretary of the Economic Affairs Division, Dr. Kazim Niaz, and other Pakistani ministry representatives attended the meeting.
Laziz Kudratov, Minister of Investments, Industry, and Trade; Hamraev Oybek Nematovich, Minister of Sport and Youth Policy; and Ikramov Adham Ilhamovich, Chairman of the Chamber of Commerce of Uzbekistan, represented Uzbekistan at the session.
Next year, the ninth meeting of the Pakistan-Uzbekistan IGC will be held in Pakistan.
