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Tuesday, April 23, 2024

Pakistan-Uzbekistan signed $1 billion trade agreement

Pakistan and Uzbekistan signed a $1 billion trade deal at Inter-Governmental Commission (IGC) to increase bilateral trade and cooperation between the two countries.

The eighth session 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 deal to encourage the exchange of goods and services.

The meeting largely focused on bilateral economic cooperation in various sectors including commerce, trade, banking, industries, production, investment, textile industry, energy, oil natural resources, transportation, communication, agriculture, tourism, and culture development.

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

The Uzbek Minister for Trade and Industry appreciated continuous efforts by both countries to encourage closer ties, especially in the fields of trade, transport, banking, and agriculture. He was of the view that the $1 billion trade agreement will encourage the exchange of goods and services and ease the process of trade.

Moreover, the Finance Minister also appreciated Uzbek’s interest in strengthening the relationship between the two countries. He also highlighted the progress made in the fields of transport and trade and welcomed the Uzbek interest to explore automobiles, information technology, and natural minerals in Pakistan.

Furthermore, the parties emphasized the huge untapped potential in investment cooperation and bilateral trade. Additionally, the IGC highlighted the importance of bilateral collaboration in order to bring sustainable development through technology, innovation, and economic partnership. 

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The Commission expressed satisfaction with the bilateral trade volume between the two countries and desired to enhance it further in the future. Likewise, the agreement aims to increase economic diversification, sustainable growth, and building supply chain resilience. 

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