To enhance their bilateral commerce, Pakistan and Uzbekistan signed a $1 billion trade agreement on Friday at the Inter-Governmental Commission (IGC).
According to a press release we received here, Laziz Kudratov, Uzbekistan’s Minister of Investments, Industry, and Trade, and Senator Ishaq Dar, Uzbekistan’s Federal Minister for Finance and Revenue, co-chaired the 8th session of the Pakistan-Uzbekistan Inter-governmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation.
The commission’s main areas of attention were bilateral economic cooperation in a range of industries, including banking, finance, manufacturing, textiles, energy, oil, and natural resources, as well as transportation, communication, agriculture, tourism, and cultural development.
The Uzbek side commended the ongoing efforts made by both nations to promote stronger links, particularly in the areas of trade, transportation, banking, and agriculture.
Ishaq Dar praised the progress already made in the sectors of trade and transportation and expressed appreciation for the Uzbek side’s deeper interests. He also welcomed their exploration of the markets for natural minerals, information technology, and vehicles.
Both parties underscored the enormous unrealized potential for bilateral trade and investment cooperation.
The IGC also acknowledged the significance of tighter cooperation in bringing about sustainable development through technological advancement, innovation, and economic cooperation.
The panel expressed satisfaction with the level of bilateral trade between the two nations and a willingness to increase it going forward.
Along with other ministry representatives from Pakistan, the meeting included Special Adviser to the Prime Minister (SAPM), Tariq Bajwa, SAPM to Finance Minister, Zulfiqar Younus, Federal Secretary Economic Affairs Division, Dr. Kazim Niaz, and Chairman Chamber of Commerce of Uzbekistan, Ikramov Adham Ilhamovich. From the Uzbek side, Minister of Sport and Youth Policy, Hamraev Oybek Nematovich, also
The ninth meeting of the Pakistan-Uzbekistan Intergovernmental Commission will take place in Pakistan in 2019, as both parties agreed.