According to a statement from Pakistan’s Ministry of Economic Affairs, Pakistan and Uzbekistan have signed a $1 billion trade agreement.
The agreement was signed in Tashkent at the 8th meeting of the Pakistan-Uzbekistan Inter-Governmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation.
The statement issued from the ministry revealed that both countries agreed to stimulate the exchange of goods and services.
The meeting primarily focused on bilateral economic cooperation in a variety of sectors, including banking, commerce and trade, industries and production, investment, energy, textile industry, oil and natural resources, agriculture and tourism development, transportation and communication, and culture development.
Any investment opportunities would be welcomed by Pakistan, which is experiencing a balance of payment crisis, with foreign reserves dropping so low that they can only cover three weeks of imports.
Meanwhile, Finance Minister Ishaq Dar led the delegation in negotiating the trade agreements, which cover cooperation in areas such as trade, banking, industries, energy, and agriculture, the statement revealed.
Laziz Kudratov, Uzbek Minister of Investments, Industry, and Trade, and Dar co-chaired the IGC meeting.
The Uzbek side appreciated both countries’ ongoing efforts to strengthen ties, particularly in the fields of trade, transportation, banking, and agriculture, the statement further added.
The most important outcome of the IGC was the signing of the $ 1 billion trade agreement, which will encourage the exchange of goods and services into a target and will also ease the process of trade.
Dar praised the “deeper interests of the Uzbek side in strengthening the relationship and lauded progress already made” in transportation and trade. He also encouraged the Uzbek side to investigate opportunities in automobiles, information technology, and natural minerals.
The parties emphasized the enormous untapped potential in bilateral trade and investment cooperation. Furthermore, the IGC recognized the importance of increased collaboration in order to achieve long-term progress through technology, innovation, and economic partnership.
The IGC aims to increase economic diversification, long-term growth, supply chain resilience, and a stable regulatory environment.