Pakistan-Uzbek PTA to boost trade: Commerce Advisor

ISLAMABAD: Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood said there was a huge potential for trade growth in various sectors after the finalisation of Preferential Trade Agreement (PTA) between Pakistan and Uzbekistan.

He said addressing the ‘Pakistan-Uzbekistan Business Forum’ along with the Deputy Prime Minister, Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov organised by the Ministry of Commerce.  The adviser hoped that the promotion of trade between the two countries would increase regional trade besides providing trade connectivity to Russia and European markets.

Dawood said that the PTA would increase bilateral trade between Pakistan and Uzbekistan. The signing of the agreement would take place during the Uzbek President’s visit to Pakistan to facilitate bilateral trade between the two countries and also enhance the connectivity with Afghanistan, the adviser said.

Razak Dawood said President of Uzbekistan, Shavkat Mirziyoyev would visit Pakistan to discuss ways to improve the bilateral economic and trade relations and also would sign various bilateral trade agreements. He said that a strong economic bloc could be established among Pakistan and Afghanistan and the five Central Asian countries, which would enable trade in goods to reach Russia and European countries.

He said that there was a possibility of mutual agreement for smooth transactions between the central banks of the two countries. In addition, the facilitation of transit trade between the two countries will be discussed.

“An agreement had already been reached in that regard and now transit trade trucks would be able to supply goods between Pakistan, Afghanistan, and Uzbekistan, which would boost trade in the region, Dawood said. Similarly, the promotion of transit trade and the free moments of trucks would usher in a new era of trade promotion in the region, he added.

Uzbek Deputy Prime Minister and Minister for the trade said that bilateral trade increased by 70 percent in last two months of January-February. He urged for industrial and investment cooperation between the two countries and said that business communities need to jointly work for increasing bilateral trade. 

The deputy prime minister said that leadership on both sides agreed to the promotion of bilateral trade and regional economic integration He said that the traders and business community of both the countries had to play their due role in promoting trade in the region. In that regard, the government of Uzbekistan would provide all possible facilities to Pakistani traders, he added.

He said that the government of Uzbekistan would take steps to make legal and financial and visa issues as easy as possible for the business community. He said that the business community of the two sides could share their mutual experiences and get the benefits from the experience of each other for increasing the economic connectivity.

Meanwhile, five Memorandum of Understandings (MOUs) signed between the private sector of the two sides to enhance cooperation in different potential sector including textile, fertilizer, weaving and dyeing, construction and menthol supplies.