Pakistan, Uzbekistan eye early harvest plan

Want to ink PTA for increased market access to each other’s products

ISLAMABAD:

Pakistan and Uzbekistan have agreed to begin negotiations for a bilateral early harvest plan, leading to a preferential trade agreement (PTA), to provide increased market access to each other’s products.

It was decided during a meeting between a delegation of Uzbekistan, headed by Deputy Prime Minister and Minister for Investments Sardor Umurzakov, and Adviser to Prime Minister on Commerce Abdul Razak Dawood on Thursday.

During the meeting, both sides signed a memorandum of understanding (MoU) for establishing the Joint Working Group on Trade and Economic Affairs to work towards trade enhancement, promotion of intergovernmental projects and improvement of connectivity.

The two sides also agreed to ink Mutual Recognition Agreements for the harmonisation of standards, and sanitary and phytosanitary measures.

It was agreed that they would bilaterally arrange a business forum to uplift their respective private sector.

Pakistan and Uzbekistan resolved to optimally utilise trade and investment opportunities and work expeditiously to achieve the shared goal of strengthening political and commercial ties.

The delegation also held meetings with ministers for industries and production and maritime affairs to discuss the existing investment opportunities in fields of textile, agriculture, pharmaceutical and tourism.

Both sides aimed to work towards improved connectivity through land borders and sea routes. Uzbekistan was particularly interested in using seaports of Pakistan for import and export shipments.

Published in The Express Tribune, September 11^th, 2020.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.