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Pak-Uzbekistan shows resolve to enter into PTA - Inside Financial Markets

Pak-Uzbekistan shows resolve to enter into PTA

– Associated Press of Pakistan

Pakistan and Uzbekistan on Monday resolved to enter into Preferential Trade Agreement (PTA) for increasing the bilateral trade and promote trade liberalization on both sides.

The two sides also discussed to revive the Joint Business Council, and assured that bilateral engagements like Inter Governmental Commission will be held more frequently, said a press release issued here.

The Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, leading a delegation to the Republic of Uzbekistan and held bilateral trade negotiation with Uzbekistan to enhance the trade volume between both sides.

The visit is a follow-up to the visit of the Deputy Prime Minister of the Republic of Uzbekistan, Dr. Sardor Umurzakov in last September 2020.

Apart from Razak Dawood, the delegation includes officials of Ministry of Commerce and other related ministries and departments.

The first meeting of Joint Working Group on Trade and Economic Affairs and the meeting of Tripartite Working Group on the Implementation of the Trans-Afghan Railway Project held from February 1st to February 4th, 2021.

During the 1st meeting of the Joint Working Group, both sides expressed their desire to enhance bilateral trade relations between the two countries.

In this regard, the two sides discussed Streamlining Bilateral Phytosanitary Standards, enhancing Banking Cooperation, working on Rail and Road connectivity matters and establishment of off dock terminal.

Both side also discussed the possibility of establishment of Joint Cargo Company by private sector, which can mitigate connectivity issues.

It was highlighted in the meeting that private sector is quintessential for bilateral trade, therefore the two sides resolved to have cooperation in shipping, textile, engineering and IT sectors.

The Uzbek side invited Pakistan Business Delegation to organize a Joint Exhibition in Tashkent in June, 2021.

The Advisor called on the President of Uzbekistan Shavkat Mirziyoyev and discussed with him matters related to economic cooperation between the two countries.

He also met the the President of the Chamber of Commerce and Industry of Uzbekistan Adkham Ikramov and discussed cooperation in textile, leather and Engineering Sector with him

Pakistan has deep shared historic connections with Uzbekistan especially with regard to culture, art, crafts and traditions.

Its cities like Samarkand and Bukhara have been the centers of Islamic civilization and learning.

Diplomatic Relations between Pakistan and Uzbekistan were established when it gained independence from Soviet Union in 1991.

Both countries are members of Organisation of Islamic Cooperation, Economic Cooperation Organisation and the Shanghai Cooperation Organisation.

Syed Zaki Hussain

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