Pakistan, Uzbekistan aim to boost bilateral trade to $2bn within five years

Pakistan and Uzbekistan on Thursday agreed to raise bilateral trade to $2 billion over the next five years, as Prime Minister Shehbaz Sharif and Uzbek President Shavkat Mirziyoyev signed a protocol aimed at strengthening economic and trade cooperation between the two countries.

The protocol was signed on the first day of President Mirziyoyev’s two-day official visit to Pakistan. Under the agreement, both sides will establish a joint working group to formulate a five-year action plan, identifying priority sectors to enhance trade, investment, and broader economic cooperation.

The signing came weeks after the two leaders discussed the same trade target during a meeting in Tashkent.

According to official announcements, 28 memoranda of understanding (MoUs) and agreements were signed between the two sides, with 20 documents exchanged in the presence of the two leaders.

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The agreements cover areas including defence cooperation, agriculture, climate change, disaster management, mining and geosciences, information technology, pharmaceuticals, sports, education, and counter-narcotics.

To strengthen trade ties, the two countries signed a protocol to expand the list of goods under the Preferential Trade Agreement, as well as an agreement to establish a Pakistan-Uzbekistan Interregional Forum to promote regional and business-to-business cooperation.

An MoU was also signed on maritime cooperation, aimed at facilitating trade through preferential port arrangements at Karachi, Gwadar, and Port Qasim.

In the defence sector, an action plan for cooperation was signed by Defence Minister Khawaja Muhammad Asif and Uzbek Defence Minister Shukhrat Khalmukhammedov. Another agreement focused on cooperation in combating the illicit trafficking of narcotic drugs and psychotropic substances.

In the technology sector, Pakistan’s Ministry of IT and Uzbekistan’s Ministry of Digital Technologies signed an MoU to promote collaboration in digital infrastructure, innovation, and technology exchange. Separate agreements were also concluded to promote industrial cooperation, small and medium enterprises, and academic and research exchanges.

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Addressing the ceremony, Prime Minister Shehbaz said Pakistan and Uzbekistan shared deep historical, cultural, and spiritual ties, rooted in the legacy of the ancient Silk Route.

He described the new trade protocol as a “game changer” and said quarterly review meetings would be held to monitor progress under the five-year roadmap.

President Mirziyoyev described Pakistan as Uzbekistan’s “time-tested and reliable partner and closest friend” in South Asia, calling the agreements historic and a strong foundation for long-term cooperation.

During the visit, President Mirziyoyev was awarded Nishan-i-Pakistan, Pakistan’s highest civil honour, in recognition of his role in strengthening bilateral relations.