[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]An agreement worth $1 billion was struck on Friday to boost trade between Pakistan and Uzbekistan, according to a statement from Pakistan’s Ministry of Economic Affairs.
At the 8th meeting of the Pakistan-Uzbekistan Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC), held in Tashkent, the agreement was finalised.
According to the announcement from the ministry, both nations inked the agreement to promote trade in goods and services. 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 mission, which was being 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 $1 billion trade pact, which will facilitate commerce and encourage the flow of products and services into a target, was the most significant result of the IGC.
Dar valued “deeper interests by the Uzbek side and strengthening the connection and hailed progress already made,” the statement said. These interests include in the areas of trade and transportation.
He encouraged the Uzbek side to investigate opportunities in the fields of natural minerals, computer technology, and autos.
The 8th meeting of Pak-Uzbek Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation was held in Tashkent today.
Both countries signed a one billion dollar trade agreement to encourage exchange of goods and services@FinMinistryPak @PakinUzbekistan pic.twitter.com/29ZUBxbA1y— Economic Affairs Division, Government of Pakistan (@eadgop) February 24, 2023
The sides 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.
The ninth meeting of the Pakistan-Uzbekistan IGC will take place in Pakistan the following year, as both parties agreed.[/vc_column_text][/vc_column][/vc_row]
