December 09, 2024 (MLN): Ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev, expressed optimism about the steady growth of bilateral trade between Uzbekistan and Pakistan, setting a target of $1 billion as an initial milestone.

He outlined key initiatives to expand cooperation in various sectors, enhance industrial collaboration, and explore new trade directions, according to APP.

Trade turnover between Uzbekistan and Pakistan has been growing steadily in recent years.

To sustain this growth, it is important to expand cooperation across all areas, deepen industrial collaboration, and create new trade directions, according to Ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev.

The envoy noted that bilateral trade relations are developing steadily, with the trade turnover increasing nearly fourfold over the last five years.

In 2019, this figure amounted to $122 million and is projected to exceed $400 million by the end of 2024.

The Ambassador said that priority steps can be to further improve the transport and logistics infrastructure connecting our countries.

He said that it is necessary to accelerate the circulation of goods by eliminating trade barriers and simplifying tariffs, licenses and customs procedures.

Alisher said “We need to fully implement the provisions of the Transit Trade and Preferential Trade Agreements (PTA) and also necessary to systematically continue the practice of holding joint business forums and trade exhibitions.”

He said the Preferential Trade Agreement between Uzbekistan and Pakistan is in force and “We are currently working to increase the list of preferential products under the Agreement from 17 to at least 100.

These events will provide a platform for businessmen to establish mutually beneficial contacts and discuss new projects, he said.

The Uzbek envoy said that it is also necessary to develop cooperative marketing strategies and establish information sharing and this will open the way for trade and investment by removing barriers such as lack of information on the needs of our markets.

The main areas of development in trade relations currently include agricultural products, textiles, pharmaceuticals, electrical engineering, the automotive industry, and the energy sector.

Negotiations are underway between the ministries of foreign trade to expand the range of goods.

He said that the Governments of Uzbekistan and Pakistan are taking important steps to create favorable conditions for business.

The investment climate in Uzbekistan is constantly improving, many benefits are being provided for entrepreneurs and new industrial zones are being launched, he said.

He said that most importantly, both of the countries are committed to developing economic cooperation and with the support of both governments and the active participation of the private sector, “we will certainly achieve our lofty goals.”

The future of trade and economic relations between Uzbekistan and Pakistan is promising.

There are untapped opportunities in various areas to further deepen cooperation between the two countries.

He said that Pakistan is interesting for the Uzbek market with its agricultural products, food, textile and leather products, while Uzbek industrial products, fruits and vegetables are in high demand in Pakistan.

In June 2024, the “Made in Pakistan” industrial exhibition was held in Tashkent, within the framework of which a number of new trade and investment agreements were signed, he said.

“We are planning to organize an exhibition of industrial products “Made in Uzbekistan” in Pakistan in 2025 and such events will serve to expand the range of goods exported between our countries.

He said “I am confident that in the near future, we will ensure the practical implementation of the agreement of the Heads of our States to increase the volume of mutual trade to $ 1 billion.”

The Ambassador said the future of trade and economic relations between Uzbekistan and Pakistan is bright and strong political will serves to elevate this cooperation to a new level.

Uzbekistan and Pakistan, due to their significant strategic locations in Central and South Asia, hold a crucial role in regional economic integration.

Together, they are actively contributing to fostering economic ties and collaboration in the region.

This will greatly contribute to the development of trade and transport links between the two countries, as well as the deepening of regional economic integration, he said.

Alisher Tukhtaev said the transport, logistics and transit capabilities of the two countries are creating favorable conditions for the growth of inter-regional trade and economic integration.

The contribution of Uzbekistan and Pakistan to regional economic integration is steadily growing, he concluded.

Copyright Mettis Link News

Posted on: 2024-12-09T17:14:12+05:00