Pak-Uzbek trade & economic potential

10

Relations between Uzbekistan and Pakistan the two states were established when the republic of Uzbekistan became independent following the collapse of the USSR. Now both countries have cordial relationship and Pakistan is willing to gain access to Central Asian markets and landlocked Uzbekistan to access ports on the Arabian Sea. Uzbekistan highly values Pakistan’s efforts for peace and progress in the region and world. There is vast opportunity of trade between Pakistan and Uzbekistan, however due to the blocked routes of Afghanistan, the masses of the region were deprived of progress and prosperity.

Pakistan is proud of its centuries old relations with Central Asian States which are based upon traditions of common religion, culture, trade and mutual development. Friendly and brotherly relations between Pakistan and Uzbekistan are of prime importance and Pakistan wants to further enhance these relations through mutual cooperation. Pakistan is willing to work with Uzbekistan in trade, investment and other economic sectors. Pakistan is an important country of the region and Uzbekistan attaches immense importance to its relations with Pakistan.

Bilateral trade between the two countries improved from $36 million in 2017 to over $90 million in 2018. However, both the countries have huge potential to increase the two-way trade volume up to $1 billion in next 5 to 6 years. Uzbekistan is all set to become the biggest trading partner of Pakistan from Central Asia as the bilateral trade between the two countries improved from $36 million in 2017 to over $90 million in 2018.

Pakistan can export many products to Uzbekistan including food products, textiles, pharmaceuticals, surgical and sports goods. Similarly, Uzbekistan can export oil and gas, minerals and other products to Pakistan. Uzbekistan wants a trilateral agreement of transit trade with Pakistan and Afghanistan in order to boost trade to higher levels. Uzbekistan is also keen to build a railway link with Pakistan through Afghanistan that would make Pakistan an international hub of business activities. Uzbekistan is also desirous of signing a free trade agreement with Pakistan that could boost trade. Pak-Uzbek Business Council is playing a facilitation role for the business community of both countries to improve trade.

Leave A Reply

Your email address will not be published.

Subscribe to Newsletter
close-link