ISLAMABAD, Dec 2: Pakistan and Kazakhstan on Tuesday agreed to sign five agreements on bilateral cooperation in the fields of investment, banking, airlinks, energy and culture during the next week visit of President Sultan Nazarbayov to Islamabad.

This was announced at a joint news conference here by Finance Minister Shaukat Aziz and Kazakhstan Minister for Education and Science Zhaxybek Kulekeyev on the conclusion of 5th Joint Ministerial Commission (JMC).

President Sultan Nazarbayov arrives here on a two-day official visit on December 7. He would be accompanied by a big private sector delegation. Specifics of the five agreements, which are still in the process of finalization, would be announced during the visit.

The two countries would declare Islamabad and Astana — the capital cities of Pakistan and Kazakhstan — as twin cities during the summit meeting.

The JMC also decided to sign Preferential Trade Agreement (PTA) between the two countries and formal talks in this respect would start within few weeks.

The two sides also noted the need for establishing airlinks between the two countries and agreed to start flights of Pakistan International Airlines (PIA) from Islamabad to Almaty every week with effect from December 23. PIA would increase its flights to twice a week after a year.

Mr Kulekeyev said Kazakhstan also wanted to export its large oil and gas resources through Afghanistan to Pakistan and onward to the rest of the world. He also offered Pakistani companies to take part in the rebuilding of Astana airport, which has been taken in hand in view of shifting of capital from Almaty to Astana.

Shaukat Aziz said the two sides agreed that existing trade relations between the two countries did not match strong political friendly relations and there existed a lot of potential to increase the bilateral trade.

He said some countries did not realize that Kazakhstan was the world’s 9th largest country in terms of area and had GDP of around $35 billion. He said the former Soviet republic could become hub of Pakistan’s exports to the whole of Central Asia and Russia.

Pakistan, he said, would invest in Kazakhstan’s textile facilities and other areas such as pharmaceutical and construction industry, besides enhancing the general trade. The market for consumer goods was also expanding in the central Asian state and Pakistan would participate in such activities.

In return, Kazakhstan will export its agricultural products, fertilizers and energy resourcesTrade accords with Kazakhstan to Pakistan. He said the two-way trade would further enhance with the signing of quadrilateral agreement on truck traffic among China, Kyrgyzstan, Kazakhstan and Pakistan through Karakoram Highway which was currently under finalization. Communications Minister Ahmad Ali would be visiting Almaty next week in this connection, he said.

Pakistan also promised to assist Kazakhstan in joining the World Trade Organization and would support its application in this regard.

The two sides also discussed the development of Gwadar Port which could provide Kazakhstan the easy access to warm waters after the transport agreement.

The Kazakhstan minister said there was no political hindrance in expanding the economic and trade relations, but existing trade was too low comparing the potential available between the two countries.

He said currently a subsidiary of National Bank of Pakistan was operating in Almaty and the two sides had agreed that National Bank of Pakistan would start its full-fledged operations there.

He said since a big delegation would be accompanying the President, the visit would give a great impetus to economic and trade relations.

The visiting minister said Kazakhstan offered very liberal visa regime to Pakistani businessmen, tourists and students.