Pakistan, Uzbekistan sign $1bn trade deal

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

The 8th Session of Pakistan-Uzbekistan Inter-governmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation was co-chaired by Minister of Investments, Industry and Trade, Uzbekistan, Laziz Kudratov and by Federal Minister for Finance and Revenue, Senator Ishaq Dar in Uzbekistan, according to a press statement received here.

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 Uzbek side.

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

Both sides emphasized that there was 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 commission expressed satisfaction on the bilateral trade volume between the two countries and desired to enhance it further in the future.

Among others, the meeting was attended Special Adviser to Prime Minister (SAPM), Tariq Bajwa, SAPM to Finance Minister, Zulfiqar Younus, Federal Secretary Economic Affairs Division, Dr. Kazim Niaz, along with other ministry representatives from Pakistan and from Uzbek side, the session was attended by Minister of Sport and Youth Policy, Hamraev Oybek Nematovich and Chairman Chamber of Commerce of Uzbekistan, Ikramov Adham Ilhamovich.

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