The Pakistan-Uzbekistan Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation (IGC) convened its eighth meeting on Friday in Tashkent. To promote the flow of goods and services, the two nations agreed to a $1 billion trade deal.
The meeting’s main focus was bilateral economic cooperation in a range of areas, including trade, banking, industries and production, investment, the textile industry, energy, oil, and natural resources, transportation, agriculture and tourism, and the promotion of culture.
Laziz Kudratov, Minister of Investments, Industry, and Trade of the Republic of Uzbekistan, and Ishaq Dar, Minister of Finance, co-chaired the IGC meeting.
The Uzbek side commended both countries’ ongoing efforts to strengthen links, particularly in commerce, transportation, banking, and agriculture. The signing of the $1 billion trade deal, which will facilitate commerce and encourage the interchange of products and services into a target, was the IGC’s most significant accomplishment.
The finance minister praised the Uzbek side’s deeper interests in deepening the connection and complimented progress previously made in the fields of transportation and trade and welcomed the Uzbek side’s interest in exploring areas such as automobiles, information technology, and natural resources.
The parties highlighted the tremendous untapped potential for investment collaboration and bilateral trade. Furthermore, the IGC recognized the significance of increased collaboration in order to achieve long-term development through technology, innovation, and economic partnership. Through fostering sustainable growth, supply chain resilience, and a stable regulatory framework, the IGC seeks to improve economic diversification.
The volume of trade between the two nations was praised by the Commission, which wished to see it grow even more in the future. Moreover, Uzbekistan showed a dedication to improving bilateral connections via a variety of channels.
The ninth meeting of the Pakistan-Uzbekistan Intergovernmental Commission will take place in Pakistan the following year, per an agreement between the two parties.
