Sunday, December 10, 2023

Pakistan and Uzbekistan agree to Preferential Trade Agreement

Pakistan and Uzbekistan agreed on Wednesday to finalize the bilateral Preferential Trade Agreement (PTA) within three months to further increase the volume of bilateral trade.

At the 6th meeting of the Uzbek-Pakistani Intergovernmental Commission on Economic-Trade and Scientific-Technical Cooperation (IGC) held in Tashkent, both sides agreed to form joint working groups in the agriculture, information technology, education, and mining sectors to drive forward cooperation, said a press release published here.

The meeting was co-chaired by Deputy Prime Minister and Minister of Investment and Foreign Trade Sardor Umurzakov and Trade Adviser Abdul Razak Dawood.

Mr. Umarzakov thanked Pakistan for taking the relationship with Uzbekistan to the level of strategic partnership.

Both agreed that the trans-Afghan corridor connecting Uzbekistan to Pakistan would play an important role in increasing bilateral trade between the two countries.

The parties agreed to deepen the partnership in the field of industrial cooperation, namely through the organization of joint ventures in the field of the textile industry, assembly of agricultural machinery, processing and packaging of fruit and vegetables.

It was established to deepen cooperation in the energy and mineral sector, agriculture, transport and communication, labor, education, tourism, science and technology, technology parks, housing and community services, inter-municipal collaborations, standards, meteorology, culture, and youth affairs.

They recognized the importance of closer collaboration for post-Covid recovery to sustainably recover through technology, innovation, and economic partnership, aiming for greater economic diversification, sustainable growth, building supply chain resilience, and robust regulatory environments. It was also agreed to develop banking links to create favorable conditions for the development of bilateral trade.

Meanwhile, two countries have agreed to organize Uzbek-Pakistani specialty exhibitions (Made in Uzbekistan / Made in Pakistan) in Tashkent and Islamabad to promote a wide range of export products and facilitate the attraction of leading pharmaceutical, textile, and leather companies, production of construction materials and agricultural industries and transport and logistics services from both countries.

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