Islamabad: Pakistan-Uzbekistan on Friday signed a billion dollar trade agreement to encourage exchange of goods and Services.
As per the details, the 8th Session of Pakistan-Uzbekistan Inter-governmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation held in Uzbekistan.
Both countries signed a billion dollar trade agreement to encourage 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.
The Uzbek delegation appreciated 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 dollar trade agreement, which will encourage the exchange of goods and services and will also ease the process of trade.
Ishaq Dar, minister of finance, appreciated the deeper interests by the Uzbeks and the strengthening of the relationship between the two countries. He lauded the progress already made in the field of transport, trade and welcomed them to explore areas in automobiles, information technology and natural minerals.
Both parties emphasized 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 a robust regulatory environment.
Moreover, the commission expressed satisfaction on the bilateral trade volume between the two countries and desired to enhance it further in the future.Â
The meeting was attended by Dar, and Special Adviser to the Prime Minister, Mr. Tariq Bajwa, Special Assistant to the Finance Minister, Mr. Zulfiqar Younus, Federal Secretary Economic Affairs Division, Dr. Kazim Niaz, along with other ministry representatives from Pakistan. The Uzbek delegation included Mr. Laziz Kudratov, the Minister of Investments, Industry and Trade, Mr. Hamraev Oybek Nematovich, Minister of Sport and Youth Policy, Chairman Chamber of Commerce of Uzbekistan, Mr Ikramov Adham Ilhamovich.
Both the parties agreed to hold the ninth meeting of the Pakistan-Uzbekistan Inter-governmental Commission next year in Pakistan.
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