Minister for Investment, Industry and Trade of the Republic of Uzbekistan, Laziz Kudratov has said that the current trade volume of $311.1 million between Pakistan and Uzbekistan is far below its potential which needs to be increased. The volume of mutual trade from January to September of this year reached US$311.1 million, reflecting a 9.8% increase compared to the same period last year, Minister for Investment, Industry and Trade of the Republic of Uzbekistan, Laziz Kudratov told APP in Tashkent. The minister said that considering the economic potential of both nations, discussions are underway to expand the list of products eligible for the preferential trade regime outlined in this agreement. He said that by broadening the range of goods covered under the preferential trade agreement, “We anticipate a further boost in trade volumes through reduced customs duty rates in our bilateral trade relations and the creation of favourable conditions for local product exports.” He said that to further strengthen trade and economic cooperation between the two countries and promote bilateral industrial collaboration, a preferential trade agreement was signed between Uzbekistan and Pakistan on March 3, 2022. This agreement came into effect on March 13, 2023, and currently establishes a preferential trade regime for beans and peanuts cultivated in Uzbekistan, along with industrial chocolate and confectionery items, canned mixtures, copper wire, refrigerators, televisions, transformers, and electrical conductors, he said. The minister said that with political will and ongoing economic reforms, transit trade between Pakistan and Uzbekistan holds significant potential for growth in the future. Replying to a question, he said that in 2021, a transit trade agreement was signed between Uzbekistan and Pakistan, which streamlined customs procedures for Uzbek long-haul drivers and facilitated the development of the southern transport corridor. Both Pakistan and Uzbekistan can capitalize on their strategic locations to establish effective transport corridors that connect Central Asia with South Asia, he said. The minister said that strengthening regional trade relations is a cornerstone of Uzbekistan’s foreign trade policy. “We are actively fostering comprehensive cooperation in both bilateral and multilateral formats to boost trade volumes with neighboring countries and this collaboration includes significant efforts to integrate Uzbekistan’s production capacities into the regional market”, he said. Replying to a question, he said that the government is establishing joint ventures in agriculture, textiles, and machine engineering and these initiatives not only drive domestic export growth but also facilitate the exchange of cutting-edge technologies and expertise among regional partners including Pakistan. Laziz Kudratov said that to remove both tariff and non-tariff barriers, “We establish preferential trade agreements and optimize customs procedures and specifically, have signed agreements on the mutual recognition of conformity assessment results.” This significantly facilitates the entry of goods into the markets of neighboring countries and lowers costs for businesses, he added. The minister said that streamlining bilateral trade procedures is also a key priority. He said that the government is implementing electronic declaration systems and automating customs processes. A “single window” system has been developed for exporters and importers, which reduces document-processing time and accelerates the flow of goods across borders, he said adding, “We have established effective cooperation not only with regional countries but also with international organizations”. He said that in partnership with the United National (UN) Development Program and the International Trade Centre of the World Trade Organization, “we are working to adapt regional external trade rules and also conduct training and seminars for specialists on international trade and logistics. Replying to another question, he said that under the “Central Asia Regional Economic Cooperation” program by the Asian Development Bank, the government of Uzbekistan is actively developing customs and transport-logistics infrastructure in the region and Projects are underway to modernise border crossings and constructing new highways and railways. The minister said that the Uzbekistan-Afghanistan-Pakistan Railway Project is an extensive project undertaken to create a direct railway link between Uzbekistan and Pakistan, passing through Afghanistan’s territory. The reconstruction of the “Uzbekistan-Turkmenistan-Iran” railway corridor has been completed, providing direct access to the Persian Gulf ports, he said adding that all these measures aim to create favorable conditions for regional trade development, enhance economic integration, and increase our region’s competitiveness on the global stage.