Pakistan, Uzbekistan to explore trade avenues

Commerce minister along with delegation leaves for Tashkent to take part in JMC session

ISLAMABAD:

Pakistan and Uzbekistan are set to explore different avenues in the upcoming Joint Ministerial Commission (JMC) meeting to maximise benefits of a $1 billion trade agreement.

Pakistan and Uzbekistan signed a $1 billion deal to increase bilateral trade in February 2023 at the eighth meeting of the Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation in Tashkent. The agreement was aimed at encouraging the exchange of goods and services.

For the JMC meeting, Commerce Minister Jam Kamal Khan has left along with a delegation for Tashkent, where a business forum will also be organised.

He will participate in the ninth session of the Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation and the fourth Uzbekistan-Pakistan Business Forum.

Officials voice hope Pakistan has a lot of opportunities to increase exports to Uzbekistan following the Russia-Ukraine conflict. They point out that exports have already increased to the Central Asian state. In the meantime, Saudi Arabia has planned to invest $20 billion in Uzbekistan's energy sector and this huge injection will also create investment and export opportunities for Pakistani companies.

The JMC session, scheduled for November 4, will be co-chaired by Jam Kamal and Uzbekistan Minister of Investment, Industry and Trade Laziz Kudratov. This high-level commission seeks to deepen bilateral relations and strengthen trade, economic and technical ties.

As part of his itinerary, Jam Kamal will engage in strategic bilateral meetings with Uzbekistan Deputy Prime Minister Jamshed Khujaev, Minister of Investment Laziz Kudratov and Minister of Road Transport Ilkhom Makhkamov. These discussions will be pivotal for advancing dialogue on key projects in trade, investment and transport logistics.

Jam Kamal will be a keynote speaker at the business forum, which will take place on November 4. Laziz Kudratov will also speak at the forum, where experts from both countries will discuss strategies to enhance trade and investment.

At the event, business-to-business (B2B) meetings will be organised, where 33 Pakistani businessmen representing 25 companies in sectors such as textile, pharmaceutical, food, engineering and logistics will engage in key discussions with their Uzbek counterparts. This engagement is aimed at fostering long-term partnerships and boosting bilateral trade.

The Pakistan-Uzbekistan Preferential Trade Agreement, signed on March 3, 2022, and operational since March 2023, has already catalysed a significant growth in bilateral trade. Similarly, the Agreement on Transit Trade, effective from March 2022, has facilitated a notable increase in transit trade. The business forum is expected to further build on these advancements, enhancing the trade and transit volume between the two nations.

Beyond business, Jam Kamal itinerary includes visits to Samarkand's historic sites and a tour of Tashkent's Technopark, which showcases Uzbekistan's strides in technological development.

Uzbekistan is also looking for enhancing cooperation in tourism. During the trip of Pakistan's delegation, avenues would be explored to boost cooperation in the tourism sector.