Uzbekistan-Pakistan: trade turnover increased by 5 times

On December 27, within the framework of the visit of the delegation of the Government of the Republic of Uzbekistan to the Islamic Republic of Pakistan, negotiations were held between the Deputy Prime Minister – Minister of investments and foreign trade Jamshid Khodjayev and the Prime Minister of the Islamic Republic of Pakistan Shahbaz Sharif. The meeting was also attended by the heads of the main ministries and departments of the two states.

During the conversation, the strategic nature of bilateral relations between Uzbekistan and Pakistan, based on trust and mutual understanding between the leaders of the two countries, was emphasized, which received a powerful impetus to development during the visit of the Head of the Government of Pakistan to Uzbekistan to participate in the Summit of the Shanghai Cooperation Organization in September this year.

Since 2016, attention has been paid to a consistent increase in the volume of mutual trade turnover, which has increased by 5 times. In this regard, it was emphasized that there are great opportunities for the development of trade and economic relations of the two countries and several times increasing the volume of mutual trade, which is largely supported by the Transit Trade Agreement signed in March of this year.

The prospects for the activation of cooperation between the ministries and departments responsible for the agreement on preferential trade and its signing were noted, a document that allows the volume of trade between Uzbekistan and Pakistan to reach 500 million dollars in the near future and 1 billion dollars in a few years.

Following the meeting, a commitment was expressed to further develop multifaceted relations and maintain the dynamics of expanding partnerships based on the activation of direct contacts between the ministries and departments of the two countries and business circles. To do this, at the beginning of 2023, it was agreed to hold the next meeting of the Uzbek-Pakistani Intergovernmental Commission in Tashkent.