Pakistan, Uzbekistan Sign $1 Billion Trade Agreement

The eighth meeting of the Pakistan-Uzbekistan Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) was held in Tashkent on Friday. Both countries signed a $1 billion trade agreement to encourage the exchange of goods and services.

The meeting 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 IGC meeting was co-chaired by Laziz Kudratov, the Minister of Investments, Industry, and Trade from the Republic of Uzbekistan, and by Ishaq Dar, Minister for Finance.

It was appreciated by the Uzbek side the continuous efforts by both countries to encourage closer ties, especially in the fields of trade, transport, banking, and agriculture. The most important outcome of the IGC was the signing of the $1 billion trade agreement, which will encourage the exchange of goods and services into a target and will also ease the process of trade.

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

The parties emphasized the 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 increase economic diversification, sustainable growth, building supply chain resilience, and a 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 a commitment to enhancing bilateral connectivity through diverse modes.

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

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