KARACHI: The Uzbek-Pakistani Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation Wednesday agreed to finalize bilateral Preferential Trade Agreement within three months for further increase in trade turnover between two countries.
The sixth meeting of the Uzbek-Pakistani Intergo-vernmental Commission on Trade-Economic and Scientific-Technical Cooperation was co-chaired by Sardor Umurzakov, Deputy Prime Minister – Minister of Investments and Foreign Trade Uzbekistan and Abdul Razak Dawood, adviser for Commerce and Investment to Prime Minister Imran Khan in Tashkent on Wednesday.
During meeting, both parties recognized the importance of closer collaboration for post-COVID recovery in order to sustainably recover through technology, innovation and economic partnership, aiming at increased economic diversification, sustainable growth, building supply chain resilience, and robust regulatory environments.
It was agreed to finalize bilateral Preferential Trade Agreement within three months, which will become a legal impetus for further increase in trade turnover between Uzbekistan and Pakistan and to develop interbank cooperation to create favorable conditions for the further development of trade.
Both countries have agreed to organize Uzbek-Pakistani specialized exhibitions (Made in Uzbekistan/Made in Pakistan) in Tashkent and Islamabad to promote a wide range of export goods and to facilitate and attract leading companies in pharmaceuticals, textile, leather, production of construction materials and agriculture industries and transport & logistics services of both countries.
During meeting, the importance of trans-Afghan corridor that connects Uzbekistan and Pakistan in enhancing bilateral trade between the two countries is also recognized and both sides agreed to expedite the implementation of the project. The co-chairs expressed satisfaction on holding the inaugural Joint Business Council (JBC) meeting on the sidelines of Joint Ministerial Commission meeting.
The parties have agreed to deepen partnership in the field of industrial cooperation, including by organizing joint ventures in the field of textile industry, assembly of agricultural machinery, processing and packaging of fruit and vegetable products and to deepen cooperation in energy and mineral sector , agriculture, transportation and communication, labour, education, tourism, science and technology, technoparks, housing and communal services, intercity collaborations, standards, meteorology, culture and youth affairs.
Furthermore, the consensus have been developed to constitute Joint Working Groups (JWGs) on Agriculture, IT, Education and Mineral Sectors.
The JBC meeting, which was attended by 200 businessmen, discussed detailed prospects of cooperation in construction, leather and logistics sector from Pakistan side and pharmaceutical sector cooperation from Uzbek side. Later, Umarzakov thanked Pakistan for taking relationship with Uzbekistan to strategic partnership level.
Mian Nasser Hyatt Maggo, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) also spoke on the occasion.
Copyright Business Recorder, 2021
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