Daily Times

The 9th meeting of the Intergovernmental Commission on Economic Cooperation (IGCEC) between the Republic of Uzbekistan and the Islamic Republic of Pakistan concluded successfully in Tashkent, alongside a productive Uzbek-Pakistani Business Forum on Monday.

This significant event featured the participation of Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry, and Trade, and Jam Kamal Khan, Federal Minister for Commerce, said a press release issued here.

Senior officials from relevant ministries and over 100 executives from major industrial enterprises of both countries were also in attendance.

The event commenced with a bilateral meeting between the heads of both delegations, focusing on the current state and future potential for enhancing trade, investment, industrial collaboration, transport, and logistics. The leaders emphasized the need to implement previously agreed measures made during high-level visits.

Following these discussions, the formal session of the Intergovernmental Commission began. Officials presented detailed reports on the progress of existing agreements between the two nations, outlining plans to strengthen cooperation further.

Pakistan, recognized as a crucial trading partner for Uzbekistan, has seen its mutual trade volume triple over the past five years.

This year alone, trade has increased by an additional 10%? The number of joint ventures has similarly tripled, now totaling 128. Road freight transport has also witnessed a significant rise, reaching 354,000 tons in 2023-an increase of nearly 6.5 times.

The Commission meeting highlighted key strategies to boost these growth trends.

These included enhancing the effectiveness of the Preferential Trade Agreement, organizing joint exhibitions of national products, establishing trade houses in both countries, and expanding entrepreneurs’ access to electronic trading platforms.

Both sides agreed to increase the scope of PTA from the existing level.

For this purpose a committee has already been constituted which has initiated the work.

In the realm of investment cooperation, both parties agreed to develop a joint “Program for Industrial Cooperation 2025-2026.” This program will spearhead collaborative projects in sectors such as agriculture, food processing, IT, chemicals, textiles, and machinery. Additionally, both sides committed to initiatives aimed at improving transport connectivity to facilitate the movement of goods between the two nations.

The event concluded with the signing of the Final Protocol of the Commission meeting and a Memorandum of Understanding (MoU) on cooperation in electronic commerce between Uzbekistan’s Ministry of Investment, Industry, and Trade and Pakistan’s Federal Ministry for Commerce. This MoU is expected to unlock new opportunities for trade and technological collaboration. The 9th Commission meeting and Business Forum underscored the shared vision of Uzbekistan and Pakistan for sustainable economic progress, setting the stage for a stronger, more connected regional future.