The authorities of Uzbekistan and Pakistan have approved an action plan to bring the two-way trade to $1 billion, the Ministry of Investment, Industry and Trade (MIIT) said.
The parties agreed on the terms on February 24 at the 8th meeting of the intergovernmental commission on trade, economic, scientific and technical cooperation in Tashkent.
At the meeting, the parties underscored that the number of Pakistani-invested enterprises in Uzbekistan has increased 6 times over the past 5 years - up to 207.
The Minister of Investment, Industry and Trade Laziz Kudratov and the Minister of Finance of Pakistan Ishaq Dar noted that the most promising areas for expanding cooperation were pharmaceuticals, light industry, and the production of building materials. In each of the areas, subgroups will be formed to support and resolve issues related to the implementation of investment projects.
In 2022, the volume of two-way trade increased by 32% to $239.5 million. To bring this figure to $1 billion, it is planned to hold Uzbek-Pakistani exhibitions of industrial products on a reciprocal basis and introduce tools to support traders, the MIIT press service said.
In addition, it is planned to develop a list of export-oriented goods, eliminate restrictions in the two-way trade, promote electronic commerce between the two countries, place Uzbek goods on Pakistani electronic trading platforms and vice versa, assist in the search for potential foreign partners, create joint wholesale and distribution centers for mutual supplies of agricultural products. , harmonization of procedures for road and transit transportation, the introduction of a simplified tourist visa, the expansion of industrial cooperation, and more.
The parties also agreed to speed up the progress of the project for the construction of the Trans-Afghan Railway, connecting Central and South Asia through Afghanistan with access to the ports of Pakistan.
Among other agreed measures is an increase in the volume of multimodal cargo transportation, the creation of terminals in the territories of both states for further joint export of products to the markets of third countries.
The parties also explored possibilities of expanding interbank relations. Uzbekistan and Pakistan are planning to introduce mechanisms for SWAP operations between central banks, the development of correspondent banking relations between financial institutions of the two countries.
