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Business Recorder
30-04-2025
- Business
- Business Recorder
Joint IGC ends: Important protocols, MoUs inked with Kazakhstan
ISLAMABAD: The session of Pakistan-Kazakhstan Joint Intergovernmental Commission (IGC) on trade, economic, scientific, technical and cultural cooperation concluded in Islamabad with the signing of important protocols and memoranda of understanding (MoUs). The 13th session of the Pakistan-Kazakhstan Joint IGC was co-chaired by Ahad Cheema, federal minister for Economic Affairs, and Marat Karabayev, minister of Transport of the Republic of Kazakhstan, where both sides agreed to accelerate the finalisation of the Transit Trade Agreement and begin the practical implementation of the Roadmap for Trade and Economic Cooperation. Both sides reviewed the progress made since the last meeting and agreed on a number of new initiatives to further strengthen bilateral cooperation. In this regards, protocols and MoUs were signed by both co-chairs. Cheema underscored the substantial progress made in bilateral relations between Pakistan and Kazakhstan during the 13th session of the Joint IGC. He highlighted the signing of key agreements, such as the roadmap for trade and economic cooperation and the MoU on electronic trade, which will play a critical role in facilitating smoother trade flows and fostering broader economic collaboration. Cheema emphasised the importance of initiatives such as the multimodal trade corridor and the formation of the Joint International Consortium of Logistics Companies, which will drive regional integration and enhance connectivity between the two countries. He expressed strong confidence that these efforts will contribute significantly to increasing bilateral trade and diversifying investments, setting the stage for a more interconnected and prosperous future. Cheema reaffirmed Pakistan's commitment to strengthening cooperation with Kazakhstan across a range of sectors, including transport, investment, culture, tourism, and youth engagement. He noted that the session had created a solid foundation for future collaborations, emphasising that Pakistan is ready to fully support Kazakhstan's growing interests in regional connectivity and economic integration. Cheema also highlighted the importance of people-to-people ties, particularly through the shared cultural heritage and growing cooperation in sports and tourism. He concluded by expressing deep gratitude to Kazakhstan for its valuable partnership and reiterated the strong desire to continue building on the momentum established during this session, which promises a brighter and more prosperous future for both nations. Connectivity and transport were key areas of focus. Both sides reaffirmed the importance of regional trade corridors, particularly the Kazakhstan-Turkmenistan-Afghanistan-Pakistan and Kazakhstan-Uzbekistan-Afghanistan-Pakistan routes. It was agreed to promote their use under the International Motor Transport Agreement. The successful launch of a multimodal trade corridor from Jebel Ali (UAE) to Almaty, via Pakistan, was acknowledged as a milestone in regional integration. The parties agreed to enhance cooperation between logistics companies and develop joint ventures to facilitate cross-border movement of goods through ports in Karachi, Qasim, and Gwadar. In agriculture, both countries agreed to hold the first meeting of the Joint Working Group and share investment opportunities in the sector. Cooperation in plant protection and quarantine standards will also be enhanced. In the financial sector, progress was made towards signing an MoU between the SBP and the Kazakhstan Agency for Regulation and Development of the Financial Market. Pakistan also offered capacity-building support through training programmes for central and commercial banking professionals. Tourism and cultural exchange featured prominently in the discussions. Both sides agreed to promote tourism by sharing lists of certified tour operators and launching joint promotional activities. Copyright Business Recorder, 2025
Arab News
03-03-2025
- Business
- Arab News
Pakistan, Uzbekistan set $1 billion bilateral trade target, Uzbek envoy says
ISLAMABAD: Pakistan and Uzbekistan have set a bilateral trade target of $1 billion, Pakistani state media reported on Sunday, citing the Uzbek envoy to Islamabad. The development came nearly a week after Prime Minister Shehbaz Sharif's visit to Uzbekistan as part of Pakistan's economic diplomacy push to enhance trade and investment with landlocked Central Asian states. Pakistan is seeking to leverage its strategic position as a key trade and transit hub to connect Central Asia with global markets and since last year, there has been a flurry of high-level visits, investment discussions and other economic engagements between Islamabad and Central Asian republics. Both countries have lately been working toward optimizing cargo flows, establishing green corridors at border customs points, and digitalization of customs clearance processes to facilitate smoother trade operations. 'Pakistan and Uzbekistan are committed to achieve the target of bilateral trade volume worth one billion dollar,' Uzbek Ambassador to Pakistan Alisher Tukhtaev was quoted as saying by the Radio Pakistan broadcaster. 'Specific measures were being taken to expand the export and import structure of food, textile, and electrical products.' The development comes as Pakistan treads a long path to economic recovery under a $7 billion International Monetary Fund (IMF) program Islamabad secured in Sept. last year. Uzbekistan is the largest consumer market and the second-biggest economy in Central Asia. It is central to Pakistan's regional connectivity plans and was the first Central Asian nation with which Pakistani officials signed a bilateral Transit Trade Agreement (UPTTA) and a Preferential Trade Agreement (PTA) covering 17 items. Ambassador Tukhtaev said both countries were developing and diversifying cargo transportation routes for fast and convenient movement of goods, in cooperation with large transport and logistics companies, according to the report. 'Uzbekistan is interested in increasing the volume of agricultural exports to Pakistan, especially in the supply of fruits and vegetables, grain products, and textile products,' he said. 'At the same time, Pakistan's potential in the pharmaceutical, textile, construction materials and information technology sectors is also of great importance for the Uzbek market.' Pakistan and Uzbekistan have forged strong economic ties in recent years and a landmark moment in their relationship was the signing of the Joint Declaration on the Establishment of a Strategic Partnership during the visit of a high-level Pakistani delegation to Uzbekistan on July 15-16, 2021. This was followed by President Shavkat Mirziyoyev's visit to Pakistan on March 3-4, 2022, which resulted in the signing of another Joint Declaration on Further Steps to Enhance the Strategic Partnership and multiple agreements covering trade, investment, and economic cooperation. In February 2023, Pakistan and Uzbekistan signed a $1 billion trade deal to enhance bilateral commerce, facilitating the exchange of goods and services. Last month, Ambassador Tukhtaev also announced plans to launch direct flights between Uzbekistan and Pakistan's southern port city of Karachi.
Arab News
26-02-2025
- Business
- Arab News
Pakistani PM arrives in Uzbekistan on Central Asia economic diplomacy tour
ISLAMABAD: Prime Minister Shehbaz Sharif arrived in Uzbekistan on Monday for talks on trade, energy and defense ties as part of an economic diplomacy push to enhance investment with landlocked Central Asia. Sharif's trip to Tashkent follows a two-day visit to Baku during which Pakistan and Azerbaijan signed multiple agreements to enhance cooperation in the trade, energy, tourism and education sectors. Pakistan is seeking to leverage its strategic position as a key trade and transit hub to connect the landlocked Central Asian republics to the global market. Since last year, there has been a surge in visits, investment talks and other economic activity between Pakistan and the Central Asia states. 'Foreign minister of Uzbekistan Bakhtiyor Saidov received Prime Minister Shehbaz Sharif upon his arrival at Tashkent airport,' the premier's office said in a statement. Pakistan and Uzbekistan are expected to sign a number of agreements during the visit, the Pakistani foreign office said on Monday. 'Prime Minister of Pakistan and President of Uzbekistan, during bilateral meeting, would discuss all areas of bilateral cooperation including connectivity, economic, trade, investment, energy, defense and security, regional stability, and education,' the foreign office added. 'The leaders would also exchange views on regional and international issues of mutual interest.' The statement added that the visit highlighted Pakistan's commitment to strengthen ties with Uzbekistan 'through fostering greater economic collaboration and exploring new avenues of partnership, as part of the strategic vision for regional integration and economic prosperity.' During the visit, Sharif will also address the Pakistan-Uzbekistan Business Forum in which leading businessmen from both sides will participate and hold business-to-business meetings. Uzbekistan is the largest consumer market and second biggest economy in Central Asia. It was the first Central Asian country with which Pakistan signed a bilateral Transit Trade Agreement (UPTTA) and a Preferential Trade Agreement (PTA) on 17 items. In February 2023, Pakistan and Uzbekistan signed a $1 billion deal to boost bilateral trade, aiming to promote the exchange of goods and services. Last month, Uzbek Ambassador to Pakistan Alisher Tukhtaev also announced plans to launch direct flights from Uzbekistan to the southern Pakistani port city of Karachi.
