Uzbekistan, Pakistan agree to boost trade to $2 billion

Uzbekistan and Pakistan have agreed to significantly expand bilateral economic cooperation, setting a target to raise mutual trade turnover to $2 billion in the near future.

The agreement was reached on February 5 during talks in Islamabad between President of Uzbekistan Shavkat Mirziyoyev and Prime Minister of Pakistan Shehbaz Sharif. The leaders held a restricted-format meeting and convened the first session of the High-Level Strategic Cooperation Council, Caliber.Az reports via Uzbek media.

As part of the new framework, the two sides agreed to establish an Uzbek–Pakistani Business Council aimed at promoting direct contacts between companies and facilitating joint projects.

“A goal has been set to increase mutual trade turnover to $2 billion in the near future. Decisions were taken to significantly expand the range of goods under the existing Preferential Trade Agreement, as well as the list of phytosanitary permits for Uzbek agricultural products, and to actively use Uzbekistan’s trade houses in Lahore and Karachi,” the press service of the President of Uzbekistan said in a statement.

In preparation for the visit, a portfolio of joint projects worth nearly $3.5 billion was formed. These projects cover a wide range of sectors, including agriculture, electrical engineering, geology, pharmaceuticals, as well as light and food industries.

The sides also agreed to create an Uzbek–Pakistani Regions Forum, with the first meeting proposed to be held later this year in Uzbekistan’s Khorezm Region.

In addition to economic cooperation, the talks focused on strengthening humanitarian and cultural ties. The leaders discussed developing systematic cooperation in pilgrimage tourism and agreed to hold Uzbekistan Culture Weeks and Uzbek Film Days in Pakistan this year. President Mirziyoyev also proposed establishing a joint cultural centre in Lahore to promote the heritage of the Baburid dynasty.

The meeting concluded with an exchange of views on key international and regional issues of mutual interest.

By Vugar Khalilov