Pakistan, Uzbekistan agree on $1b bilateral trade
Business
Trade turnover between the two countries is steadily growing
ISLAMABAD (APP) - Ambassador of the Republic of Uzbekistan to Pakistan, Alisher Tukhtaev has said that Pakistan and Uzbekistan are committed to achieving the target of $1 billion in the coming years, through enhance the transit and bilateral trade between both sides.
Currently, both of the countries are actively working on joint measures aimed at further increasing the volume of mutual trade, reaching the milestone of $ 1 billion in the coming years, and accelerating industrial cooperation, the Ambassador said this while talking to Uzbek media.
Both countries are taking specific measures to expand the export and import structure of food, textile, and electrical products, he said.
In particular, to increase trade turnover between the two countries and stimulate trade, “we are conducting negotiations on expanding the list of products within the framework of the Preferential Trade Agreement and improving interbank payments. This will serve to reduce customs payment rates and accelerate mutual trade relations.”
He said that issues of diversifying fast and convenient cargo transportation routes and optimizing customs processes are being developed in cooperation with large transport and logistics companies.
In order to further develop relations between Uzbekistan and Pakistan, both sides have included in work plan the implementation of a number of joint events and projects in the trade and economic, banking and finance, transport and logistics, as well as cultural and humanitarian sectors.
He said that trade turnover between our countries has been steadily growing and as of the end of 2024, the turnover is 404 million.
Alisher Tukhtaev said that 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.
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, he said.
He said that there are broad opportunities for implementing large joint projects in the textile sector and Combing our strengths will help create competitive products in the global market.
He said that agricultural sector have huge potential for the exchange of advanced technologies, joint projects on product processing, as well as for increasing the volume of fruit, vegetable and grain exports and both sides can cooperate to improve food security and reach new markets.
