Pakistan, Uzbekistan sign $1b trade agreement

By Staff Reporter | Pakistan Observer Feb 26, 2023

Among other developments, Pakistan and Uzbekistan on Friday signed $1 billion trade agreement at Inter-governmental Commission (IGC), which will encourage the exchange of goods and services and will also ease the process of trade.

The 8th Session of Pakistan-Uzbekistan Inter-governmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation was co-chaired by Minister of Investments, Industry and Trade, Uzbekistan, Laziz Kudratov and by Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar in Uzbekistan, according to a press statement received here.

The commission mainly focused on bilateral economic cooperation in various 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.

The continuous efforts by both countries to encourage closer ties, especially in the fields of trade, transport, banking, and agriculture was appreciated by the Uzbek side.

On the occasion, Ishaq Dar appreciated the deeper interests of the Uzbek side and the strengthening of the relationship and lauded progress already made in the field of transport, and trade and welcomed Uzbek side to explore the areas in automobiles, information technology and natural minerals.

Both sides emphasized that there was huge untapped potential in investment cooperation and bilateral trade.

Furthermore, the IGC recognized the importance of closer collaboration in order to bring sustainable development through technology, innovation, and economic partnership. The IGC aims to increasing economic diversification, sustainable growth, building supply chain resilience, and robust regulatory environment.

The Commission expressed satisfaction on the bilateral trade volume between the two countries and desired to enhance it further in the future.

Moreover, Uzbekistan showed commitment for enhancing bilateral connectivity through diverse modes.

Among others, the meeting was attended Special Adviser to Prime Minister (SAPM), Tariq Bajwa, SAPM to Finance Minister, Zulfiqar Younus, Federal Secretary Economic Affairs Division, Dr. Kazim Niaz, along with other ministry representatives from Pakistan and from Uzbek side, the session was attended by Minister of Sport and Youth Policy, Hamraev Oybek Nematovich and Chairman Chamber of Commerce of Uzbekistan, Ikramov Adham Ilhamovich.

Both the parties agreed to hold the ninth meeting of the Pakistan-Uzbekistan Inter-governmental Commission next year in Pakistan.

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