Uzbekistan and Pakistan Aim to Boost Bilateral Trade to $1 Billion

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Ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev, stated on Monday that the primary goal of Uzbekistan and Pakistan is to significantly boost bilateral trade, with an initial target of reaching $1 billion in trade volume, The Caspian Post reports citing foreign media.

In recent years, trade turnover between Uzbekistan and Pakistan has been growing steadily. For this, it is important to expand cooperation in all areas, deepen industrial collaboration, and create new trade directions, Ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev told 

The envoy said that now bilateral trade relations are developing steadily and over the last 5 years, the bilateral trade turnover has increased almost 4 times,this figure amounted to $122 million in 2019 and is expected 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.

“Currently, the main areas of development of trade relations are agricultural products, textiles, pharmaceuticals, electrical engineering, automotive industry and energy sector and the negotiations are underway between the ministries of foreign trade to expand the range of goods, “ he said.

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.