Uzbekistan and Pakistan decide to increase trade volume

In the next four years, Pakistan and Uzbekistan plan to increase their trade volume to $4 billion.

The agreement was reached during a meeting between Uzbek President Shavkat Mirziyoyev and Prime Minister Shehbaz Sharif in Tashkent on Wednesday. The two nations then held delegation-level discussions.

They talked about advancing the two nations’ mutual cooperation throughout the discussion, with a focus on trade, tourism, energy, regional linkages, and cultural ties.

The two leaders decided to invest in the two nations’ Special Economic Zones, foster collaboration between the business communities of Pakistan and Uzbekistan, and successfully execute the Transit Trade Agreement 2021 and the Preferential Trade Agreement 2023.

In order to boost trade and regional connectivity, the two parties reaffirmed their commitment to implementing the Uzbekistan-Afghanistan-Pakistan Railway project.

They talked on promoting travel between Pakistan and Uzbekistan at the summit, particularly between Termez, Bukhara, Lahore, and Karachi.

The two leaders stressed the value of advancing the role of international organizations, particularly the United Nations, in resolving international challenges for sustainable development and achieving global peace and security while expressing their shared opinions on regional and global issues.

Prime Minister Shehbaz Sharif emphasized in his speech the significance of deepening Pakistan-Uzbekistan historical and cultural connections.

He asserted that in order to improve trade and economic cooperation, new channels must be opened. The prime minister reaffirmed Pakistan’s determination to concentrate on cooperative initiatives related to regional connectivity.

According to Shehbaz Sharif, the robust connection between Uzbekistan and Pakistan is advantageous for the growth and well-being of both nations as well as the region as a whole.

Shavkat Mirziyoyev, the president of Uzbekistan, stated in his speech that the region’s stability and progress depend heavily on the two nations’ mutual collaboration.

The president of Uzbekistan praised the government’s economic stability and development efforts in Pakistan and stated that his nation is dedicated to developing trade and economic cooperation with Pakistan.