ISLAMABAD: Pakistan and Uzbekistan signed on Friday a $1 billion deal to increase bilateral trade, a statement from Pakistan’s Ministry of Economic Affairs said.

The deal was sealed at the 8th meeting of the Pakistan-Uzbekistan Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) held in Tashkent.

Both countries signed the agreement to encourage the exchange of goods and services, the ministry said in its statement.

“The 8th meeting of Pak-Uzbek Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation was held in Tashkent today,” it said.

“Both countries signed a one billion dollar trade agreement to encourage exchange of goods and services.”

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Any investment opportunities would come as a boost to Pakistan which is facing a balance of payment crisis, with foreign reserves falling to just three weeks of import cover.

Pakistan’s Finance Minister Ishaq Dar was leading the delegation to thrash out the trade agreements, which cover cooperation in fields including trade, banking, industries, energy and agriculture, the ministry added.