ISLAMABAD: Pakistan and Uzbekistan have signed an agreement to increase bilateral trade by almost $1 billion, the finance ministry said on Friday.

The trade agreement was inked at the conclusion of the 8th Session of Pakistan-Uzbekistan Inter-Governmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation held in Tashkent.

Finance Minister Ishaq Dar headed Pakistan’s delegation.

An official announcement of the finance ministry said that the most important outcome of the IGC was the signing of the $1bn trade agreement, which will encourage the exchange of goods and services and will also ease the transit process.

The meeting mainly focused on bilateral economic cooperation in various sectors including commerce and trade, banking, industries and production, investment, textile industry, energy, oil and natural resources, transportation and communication, agriculture and tourism and culture development.

The Uzbek side noted the continuous efforts to encourage closer ties, especially in the fields of trade, transport, banking and agriculture.

Mr Dar appreciated the deeper interests shown by the Uzbek side in strengthening the relationship and lauded progress already made in the field of transport, trade.

The minister welcomed Uzbekistan to explore the areas of automobiles, information technology and natural minerals.

Both sides emphasised the huge untapped potential in investment cooperation and bilateral trade. Furthermore, the IGC recognised the importance of closer collaboration to bring sustainable development through technology, innovation, and economic partnership.

The IGC aims at increasing economic diversification, sustainable growth, building supply chain resilience, and robust regulatory environment.

The commission expressed satisfaction on the bilateral trade volume between the two countries and desired to enhance it further in the future.

Published in Dawn, February 25th, 2023