Pakistan, Uzbekistan sign $one billion trade agreement

Tashkent: Pakistan and Uzbekistan on Friday signed $one billion trade agreement at Inter-governmental Commission (IGC)

Islamabad: Pakistan and Uzbekistan Friday signed $one billion trade agreement at Inter-governmental Commission (IGC) in Tashkent which will encourage exchange of goods and services.

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.

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.

8th Session of Pak-Uzbek Inter-governmental Commission on Trade-Economic & Scientific-Technical Cooperation, co-chaired by Mr. Laziz Kudratov,Minister of Investments,Industry & Trade,Uzbekistan & Senator Mohammad Ishaq Dar,Finance Minister,Pakistan in Uzbekistan on 24 Feb,2023. pic.twitter.com/PGnCu4Rsm8

— Ministry of Finance (@FinMinistryPak) February 24, 2023

On the occasion Ishaq Dar respected 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 Uzbek side to explore the areas in automobiles, information technology and natural minerals.

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

Additionally, the IGC recognized the importance of closer collaboration in order to bring sustainable development through technology, innovation and economic partnership.

The IGC targeted at increasing economic modification, justifiable growth, building supply chain flexibility and emphatic 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 various modes.

The session was attended by Minister of Sport and Youth Policy, Hamraev Oybek Nematovich and Chairman Chamber of Commerce of Uzbekistan, Ikramov Adham Ilhamovich along with other ministry representatives from Pakistan and from Uzbek side.

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