Pakistan, Uzbekistan ink $1 billion trade agreement in Tashkent

ISLAMABAD – Pakistan and Uzbekistan on Friday signed a $1 billion trade agreement at the eighth meeting of the Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) in Tashkent.

The agreement aims at encouraging 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 Senator Mohammad Ishaq Dar, Minister for Finance and Revenue from the Islamic Republic of Pakistan.

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.

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

The parties emphasised 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 at 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.