Pakistan, Uzbekistan sign protocol to lift bilateral trade to $2bn in five years

Pakistan and Uzbekistan on Thursday signed a protocol committing both countries to raise bilateral trade to $2 billion within the next five years, as Prime Minister Shehbaz Sharif held talks with Uzbek President Shavkat Mirziyoyev in Islamabad.

The protocol provides for the establishment of a joint working group tasked with drafting a five year action plan to identify priority sectors and remove bottlenecks to trade and economic cooperation. State broadcaster Radio Pakistan said the group will work through regular consultations between the two sides.

The agreement follows an understanding reached last month in Tashkent, where the two leaders had agreed in principle to target $2bn in bilateral trade during Prime Minister Shehbaz’s visit to Uzbekistan.

In a post on X, the prime minister said the talks focused on trade, investment and regional connectivity, alongside broader economic cooperation.

28 accords signed, trade and industry in focus

A total of 28 agreements and memoranda of understanding were signed on the first day of President Mirziyoyev’s two day visit, with 20 documents exchanged at a formal signing ceremony.

Key economic and trade related agreements included a protocol to expand the list of goods covered under the Pakistan Uzbekistan Preferential Trade Agreement, and an accord to establish a Pakistan Uzbekistan Interregional Forum aimed at strengthening regional and business to business cooperation.

Both sides also signed agreements to promote industrial cooperation, including collaboration on small and medium enterprises, and an MoU to enhance maritime trade and preferential port arrangements at Karachi, Gwadar and Port Qasim.

In the pharmaceutical sector, Pakistan’s Drug Regulatory Authority and Uzbekistan’s Agency for Pharmaceutical Industry Development signed an MoU to improve cooperation in pharmaceutical products and regulatory frameworks.

Agriculture related cooperation featured through agreements covering agricultural collaboration and a protocol on sanitary requirements for fruit exports, aimed at facilitating market access.

Mining and geosciences cooperation was also included among the signed documents, reflecting interest in resource development and technical collaboration.

Digital economy and connectivity

In the digital and technology space, Pakistan’s Ministry of IT and Uzbekistan’s Ministry of Digital Technologies signed an MoU to promote cooperation in digital infrastructure, innovation and technology exchange.

On regional connectivity, both leaders reaffirmed their support for enhanced road, rail, air and maritime links. They reiterated that the Uzbekistan Afghanistan Pakistan railway project would be a key driver of trade and access to Pakistani seaports for Central Asia.

Prime Minister Shehbaz said Pakistan was ready to work jointly with Uzbekistan to mobilise financing for the railway project on the basis of agreed feasibility and business plans.

Institutional mechanism and next steps

The two sides agreed that the newly constituted joint working group would prepare a comprehensive five year economic roadmap and report progress through regular reviews. Quarterly performance reviews were agreed to monitor implementation.

They also welcomed the operationalisation of the High Level Strategic Consultative Council, which was established during Prime Minister Shehbaz’s visit to Tashkent in February 2025, to ensure follow through on economic and trade decisions.

According to official statements, both governments expressed satisfaction over the steady expansion of trade and economic cooperation in recent years. Bilateral trade crossed $1bn under a deal signed in 2023, and officials said the new protocol was designed to move the relationship into a more structured, target driven phase focused on trade, investment and connectivity.