ISLAMABAD: Pakistan and Uzbekistan are going to hold crucial talks on November 3-4 in Tashkent, aiming to explore more avenues for expansion of trade under the existing PTA (Preferential Trade Agreement), enhance investment and economic and scientific-technical cooperation, according to a senior official of the Economic Affairs Division (EAD).
“The 9th session of Pakistan-Uzbekistan Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation is set to take place from Sunday (tomorrow) in Tashkent. “This important gathering aims to strengthen bilateral ties and explore new avenues for collaboration in various sectors. The Pakistani delegation will be led by Minister for Commerce Jam Kamal Khan and Uzbek side will be led by Laziz Kudratov, Minister for Investment, Industry and Trade of the Republic of Uzbekistan,” the official told The News.
In addition, the 4th Uzbekistan-Pakistan Business Forum is being organised in Tashkent on November 4, 2024 at the Intercontinental Hotel, Tashkent. Minister for Commerce Pakistan and Minister of Investment, Industry and Trade Uzbekistan would be the keynote speakers at the forum. Besides, experts from Pakistan and Uzbekistan would shed light on the prospects of enhancing trade and investment relations between the two countries. The forum would provide an opportunity to Pakistani businessmen to interact with their Uzbek counterparts and establish long-lasting relations. For the purpose, 33 Pakistani businesspeople from 25 companies would attend the forum and participate in the Business to Business (B2B) meetings at the end of the forum. The Pakistani companies are representing textiles, pharmaceutical, food sector, engineering sector and logistics sector.
However, during the Intergovernmental Commission session, the official said, delegates from both countries would discuss strategies to enhance trade, investment and economic cooperation, as well as share best practices in scientific and technical fields. Key topics on the agenda include expansion of the Preferential Trade Agreement, localisation of pharmaceutical products and collaboration in cotton production.
Uzbekistan and Pakistan, he said, signed the PTA on March 3, 2022, which is operational since March 2023. The volume of bilateral trade between the two countries is increasing substantially after signing of the Agreements on Transit and Preferential Trade. The total volume of trade between Pakistan and Uzbekistan in 2023-24 stood at $105.41 million. Pakistan’s exports to Uzbekistan were at $79.50 million and imports from Uzbekistan were at $25.91 million.
Pakistan’s top exports to Uzbekistan include rice, pharmaceuticals, soap, aluminium containers, frozen and fresh or chilled meat and oilseeds. Pakistan’s top imports from Uzbekistan include dried leguminous vegetables, sulphur, zinc and coal.
The Ministry of Commerce and Ministry for Investments and Foreign Trade of the Republic of Uzbekistan signed a memorandum of understanding on the establishment of a joint Uzbekistan-Pakistan working group on trade and economic affairs during the visit of Uzbek deputy prime minister on investments and foreign trade to Pakistan on Sept 10, 2020. The first meeting of JWG (joint working group) was held on February 1-3, 2021 at Tashkent. The second meeting of the JWG was held on Nov 14, 2023 at Islamabad.
The first Pak-Uzbekistan Business Forum was held on July 15-16, 2021 at Tashkent. The business communities of both sides had B2B meetings. And the second Pak-Uzbekistan Business Forum was held in February 2022 at Islamabad. The third Pak-Uzbekistan Business Forum was held in November 2023 at Islamabad. The two sides held meeting of JBC on July 14, 2021 at Tashkent. Pakistan organised “Made in Pakistan” Single-Country Exhibition at Uz-Expo Centre, Tashkent on June 28-30, 2024 to capitalise on the business opportunities after signing of the PTA and AUPTT. “Pakistan-Uzbekistan Logistics Forum was also held on June 29, 2024 at International Hotel, Tashkent on the side-lines of the exhibition.”
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