Punjab

Pak-Uzbek trade volume reaches $250m: envoy

Uzbek ambassador says both nations exploring more trade avenues

APP April 10, 2023

A key proposal is to slap 2% additional customs duty on goods imported at zero duty, including those falling within the free trade agreements. photo: file

ISLAMABAD:

Ambassador of Uzbekistan to Pakistan, Oybek Arif Usmanov, has said that the bilateral trade volume between Pakistan and Uzbekistan had reached over $250 million by the end of 2022 and both countries were focusing on exploring more avenues of trade and investments in multiple sectors to enhance trade.

He said that the implementation of the Preferential Trade Agreement (PTA) between Pakistan and Uzbekistan and the recently signed nine Memorandum of Understanding (MoUs), would further increase trade volume to $1 billion between both countries.

The ambassador made these remarks during an iftar dinner hosted by the Embassy of Uzbekistan for journalists and experts on Sunday.

The ambassador welcomed all the guests and said that the Pak-Uzbekistan friendship had reached new heights. Both the countries have very cordial relations and their leadership is playing role in deepening bilateral ties and cooperation.

Explaining the trade turnover between Uzbekistan and Pakistan, the ambassador said that the trade volume in 2014 was amounted to $36 million, in 2018 it became $ 98 million, in 2020 amounted around $120 million and in 2021 it reached $180 million and now in 2022, it reached to $250 million.

He said that these figures show that Uzbek-Pak trade volume is increasing rapidly. Now, Uzbekistan is a largest trade partner of Pakistan in Central Asia and Pakistan has been listed among the top 10 main foreign trade partners for Uzbekistan, he added.

The envoy further stated that the Pakistani importers were interested in Uzbek textile, petrochemical products, foodstuff, pure Uzbek silk products and agricultural machinery.

“The Uzbek importers are receiving Pakistani textile and leather garments, pharmaceutical products, chemicals, food items and agricultural products.”

The Government of Uzbekistan, he told has created a favourable and attractive investment environment for the Pakistani business community and around 207 joint venture companies are successfully operating in Uzbekistan.

Published in The Express Tribune, April 10^th, 2023.