Tashkent February 24 2023: Among other developments, Pakistan and Uzbekistan Friday signed USD 1 billion trade agreement at Inter-governmental Commission (IGC), which will encourage exchange of goods and services and will also ease process of trade.
The 8th Session of Pakistan-Uzbekistan Inter-governmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation was co-chaired by Minister of Investments, Industry and Trade, Uzbekistan, Laziz Kudratov and by Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar in Uzbekistan, according to press statement received here.
The commission mainly focused on bilateral economic cooperation in various sectors including commerce and trade, banking, industries and production, investment, textile industry, energy, oil and natural resources, transportation and communication, agriculture and tourism and culture development.
The continuous efforts by both countries to encourage closer ties, especially in the fields of trade, transport, banking, and agriculture was appreciated by the Uzbek side.
On the occasion, Ishaq Dar appreciated the deeper interests by the Uzbek side and strengthening of the relationship and lauded progress already made in the field of transport, trade and welcomed Uzbek side to explore the areas in automobiles, information technology and natural minerals.
Both the sides, emphasized that there was huge untapped potential in investment cooperation and bilateral trade.
Furthermore, the IGC recognized the importance of closer collaboration in order to bring sustainable development through technology, innovation, and economic partnership.
The IGC aims at increasing economic diversification, sustainable growth, building supply chain resilience, and robust regulatory environment.
The Commission expressed satisfaction on the bilateral trade volume between the two countries and desired to enhance it further in the future. Moreover, Uzbekistan showed commitment for enhancing bilateral connectivity through diverse modes.
Among others, the meeting was attended Special Adviser to Prime Minister (SAPM), Tariq Bajwa, SAPM to Finance Minister, Zulfiqar Younus, Federal Secretary Economic Affairs Division, Dr. Kazim Niaz, along with other ministry representatives from Pakistan and from Uzbek side, the session was attended by Minister of Sport and Youth Policy, Hamraev Oybek Nematovich and Chairman Chamber of Commerce of Uzbekistan, Ikramov Adham Ilhamovich.
Both the parties agreed to hold the ninth meeting of the Pakistan-Uzbekistan Inter-governmental Commission next year in Pakistan.