Daily Times

Pakistan and Turkmenistan on Wednesday agreed for strengthening bilateral economic and trade relations in potential sectors.

The Ambassador of Turkmenistan, Mr. Atadjan Movlamov, called on Federal Minister for Commerce Jam Kamal Khan to discuss the enhancement of bilateral trade and explore avenues for increased cooperation between the two nations, said a press release issued here.

The meeting, held at the Commerce Minister’s office, focused on finalizing key agreements and exploring new sectors for future collaboration.

Minister Jam Kamal emphasized the need for robust business-to-business (B2B) engagement to boost trade volumes between Pakistan and Turkmenistan.

He highlighted the untapped potential in various sectors including energy, fertilizers, pharmaceuticals, agriculture, and construction materials.

Despite long-standing brotherly ties, trade between the two countries remains meager,and steps very essential to increase it. A key focus of the conversation remained the expedited finalization of the Turkmenistan-Pakistan Transit Trade Agreement, which is expected to significantly enhance the movement of goods between the two nations. This agreement will also improve cooperation in banking, customs, and trade transit operations.

Minister Jam Kamal also underscored the importance of revisiting and revitalizing existing agreements such as the Memorandum of Understanding (MoU) signed in 2015 between the Trade Development Authority of Pakistan (TDAP) and the Chamber of Commerce and Industry (CCI) of Turkmenistan.

This MoU aims to foster trade collaborations, organize joint exhibitions, and develop national markets.

He also called for reviewing the 2019 MoU for the establishment of the Joint Business Council, which is crucial for facilitating direct business contacts between the two countries Other key issues discussed included improving direct cargo links, resolving challenges related to trade routes, and simplifying procedures.

Both sides expressed optimism about increasing bilateral trade and addressing the current challenges that hinder economic cooperation.