BUSINESS: Pakistan and Uzbekistan on Friday signed a trade agreement worth $1 billion during the eighth session of the Pakistan-Uzbekistan Inter-governmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation.
The agreement is expected to encourage the exchange of goods and services, while also easing the process of trade between the two countries.
The session was co-chaired by Uzbekisatan’s Minister of Investments, Industry and Trade Uzbekistan Laziz Kudratov and by Pakistan’s Federal Minister for Finance Senator Mohammad Ishaq Dar in Uzbekistan, according to a press statement.
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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 by the Uzbek side and the strengthening of the relationship and lauded progress already made in the field of transport and trade. He welcomed the Uzbek side to also explore the automobiles, information technology and natural minerals sectors.
Both sides emphasised that there was huge untapped potential in investment cooperation and bilateral trade.
Furthermore, the IGC recognised the importance of closer collaboration in order to bring sustainable development through technology, innovation, and economic partnership.
The IGC aims at increasing economic diversification, sustainable growth, building supply chain resilience, and robust regulatory environment.
The commission expressed satisfaction with the bilateral trade volume between the two countries and desired to enhance it further in the future. Moreover, Uzbekistan showed commitment to enhancing bilateral connectivity through diverse modes.
Among others, the meeting was attended by 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 parties agreed to hold the ninth meeting of the Pakistan-Uzbekistan Inter-governmental Commission next year in Pakistan.