$1billion trade deal signed with Uzbekistan

Deal expected to encourage exchange of goods and services, ease trade process between the two countries

ISLAMABAD:

Pakistan and Uzbekistan on Friday signed a $1 billion deal to increase bilateral trade, a statement from the Ministry of Economic Affairs said.

The deal was sealed at the 8th meeting of the Pakistan-Uzbekistan Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) held in Tashkent.

Both countries signed the agreement to encourage the exchange of goods and services, the ministry said in its statement.

Any investment opportunities would come as a boost to Pakistan which is facing a balance of payment crisis, with foreign reserves falling so low as to cover just three weeks of imports.

The IGC’s 8th session was co-chaired by Minister of Investments, Industry and Trade, Uzbekistan, Laziz Kudratov and Finance Minister Senator Mohammad Ishaq Dar.

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 was appreciated by the Uzbek side.

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

Both sides emphasised that there was huge untapped potential in investment cooperation and bilateral trade.

Furthermore, the IGC recognised the importance of closer collaboration in order to bring sustainable development through technology, innovation, and economic partnership.