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Sunday March 03, 2024

Pakistan, Uzbekistan sign $1bn trade agreement

Agreement inked to encourage exchange of goods and services and ease process of trade

February 24, 2023
Federal Minister for Finance and Revenue Ishaq Dar shakes hands with Uzbekistans Minister of Investments, Industry and Trade Laziz Kudratov during the Inter-governmental Commission (IGC) held in Uzbekistan on February 24, 2022. — Photo by author
Federal Minister for Finance and Revenue Ishaq Dar shakes hands with Uzbekistan's Minister of Investments, Industry and Trade Laziz Kudratov during the Inter-governmental Commission (IGC) held in Uzbekistan on February 24, 2022. — Photo by author 

ISLAMABAD: In order to encourage the exchange of goods and services between Pakistan and Uzbekistan, the two sides on Friday signed a $1 billion trade agreement at Inter-governmental Commission (IGC).

The development came after the conclusion of the eighth session of the Pakistan-Uzbekistan IGC on trade-economic and scientific-technical cooperation, which was co-chaired by Uzbek Minister of Investments, Industry and Trade Laziz Kudratov and Federal Minister for Finance and Revenue Senator Ishaq Dar in Tashkent.

During the talks — aimed at increasing economic diversification, sustainable growth, building supply chain resilience, and a robust regulatory environment — both parties emphasised the huge untapped potential in investment cooperation and bilateral trade. 

Furthermore, the IGC — according to a statement issued by the Ministry of Economic Affairs — recognised the importance of closer collaboration in order to bring sustainable development through technology, innovation, and economic partnership.

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 were appreciated by the Uzbeks.

Speaking on the occasion, Dar appreciated the deeper interests of Uzbekistan and the strengthening of the relationship and lauded progress already made in the field of transport, and trade and welcomed the Uzbeks to explore the areas in automobiles, information technology and natural minerals.