The eighth session of the Pakistan-Uzbekistan Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) was held in Tashkent on Friday. Both countries signed a $1 billion trade deal to encourage the exchange of goods and services.
The meeting largely focused on bilateral economic cooperation in various sectors including commerce, trade, banking, industries, production, investment, textile industry, energy, oil natural resources, transportation, communication, agriculture, tourism, and culture development.
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The IGC meeting was co-chaired by Laziz Kudratov, the Minister of Investments, Industry, and Trade from the Republic of Uzbekistan, and by the Minister for Finance, Ishaq Dar.
Finance Minister Senator Mohammad Ishaq Dar co-chairing the 8th meeting of Pakistan-Uzbekistan Intergovernmental Commission on trade, economic, scientific and technical cooperation between the two countries. pic.twitter.com/ygSiaM2tp0
— Ministry of Finance, Government of Pakistan (@Financegovpk) February 24, 2023
Moreover, the Finance Minister also appreciated Uzbek’s interest in strengthening the relationship between the two countries. He also highlighted the progress made in the fields of transport and trade and welcomed the Uzbek interest to explore automobiles, information technology, and natural minerals in Pakistan.
Furthermore, the parties emphasized the huge untapped potential in investment cooperation and bilateral trade. Additionally, the IGC highlighted the importance of bilateral collaboration in order to bring sustainable development through technology, innovation, and economic partnership.
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The Commission expressed satisfaction with the bilateral trade volume between the two countries and desired to enhance it further in the future. Likewise, the agreement aims to increase economic diversification, sustainable growth, and building supply chain resilience.
Both countries agreed to hold the ninth meeting of the Pakistan-Uzbekistan Inter-governmental Commission next year in Pakistan.