Uzbek ambassador for increasing bilateral trade by $1 billion

Ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev on Monday said that Uzbekistan and Pakistan’s main goal is to significantly increase the volume of bilateral trade bringing it to $1 billion initially.

In recent years, trade turnover between Uzbekistan and Pakistan has been growing steadily. For this, it is important to expand cooperation in all areas, deepen industrial collaboration, and create new trade directions, Ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev told APP here.

The envoy said that now bilateral trade relations are developing steadily and over the last 5 years, the bilateral trade turnover has increased almost 4 times,this figure amounted to $122 million in 2019 and is expected to exceed $400 million by the end of 2024.

The Ambassador said that priority steps can be to further improve the transport and logistics infrastructure connecting our countries.

He said that it is necessary to accelerate the circulation of goods by eliminating trade barriers and simplifying tariffs, licenses and customs procedures.

Alisher said “We need to fully implement the provisions of the Transit Trade and Preferential Trade Agreements (PTA) and also necessary to systematically continue the practice of holding joint business forums and trade exhibitions.”

He said the Preferential Trade Agreement between Uzbekistan and Pakistan is in force and “We are currently working to increase the list of preferential products under the Agreement from 17 to at least 100.

These events will provide a platform for businessmen to establish mutually beneficial contacts and discuss new projects, he said.

The Uzbek envoy said that it is also necessary to develop cooperative marketing strategies and establish information sharing and this will open the way for trade and investment by removing barriers such as lack of information on the needs of our markets.

“Currently, the main areas of development of trade relations are agricultural products, textiles, pharmaceuticals, electrical engineering, automotive industry and energy sector and the negotiations are underway between the ministries of foreign trade to expand the range of goods, ” he said.

He said that the Governments of Uzbekistan and Pakistan are taking important steps to create favorable conditions for business.

The investment climate in Uzbekistan is constantly improving, many benefits are being provided for entrepreneurs and new industrial zones are being launched, he said.

He said that most importantly, both of the countries are committed to developing economic cooperation and with the support of both governments and the active participation of the private sector, “we will certainly achieve our lofty goals.”

Replying to a question on the future of trade and economic relations between Pakistan and Uzbekistan, he said the future of trade and economic relations between Uzbekistan and Pakistan is promising, and there are untapped opportunities in a number of areas to further deepen cooperation between the two countries.

He said that Pakistan is interesting for the Uzbek market with its agricultural products, food, textile and leather products, while Uzbek industrial products, fruits and vegetables are in high demand in Pakistan.

In June 2024, the “Made in Pakistan” industrial exhibition was held in Tashkent, within the framework of which a number of new trade and investment agreements were signed, he said.

“We are planning to organize an exhibition of industrial products “Made in Uzbekistan” in Pakistan in 2025 and such events will serve to expand the range of goods exported between our countries.

He said “I am confident that in the near future, we will ensure the practical implementation of the agreement of the Heads of our States to increase the volume of mutual trade to $ 1 billion.”

The Ambassador said the future of trade and economic relations between Uzbekistan and Pakistan is bright and strong political will serves to elevate this cooperation to a new level.

Replying to a question on Pakistan and Uzbekistan jointly playing their role in regional economic integration, he said that Uzbekistan and Pakistan, as countries with significant strategic locations in Central and South Asia, play an important role in economic integration.

This will greatly contribute to the development of trade and transport links between the two countries, as well as the deepening of regional economic integration, he said.

Alisher Tukhtaev said the transport, logistics and transit capabilities of the two countries are creating favorable conditions for the growth of inter-regional trade and economic integration. The contribution of Uzbekistan and Pakistan to regional economic integration is steadily growing, he concluded.