Pakistan, Uzbekistan aim to boost bilateral trade to $2bn within next 5 years – Pakistan

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Prime Minister Shehbaz Sharif and Uzbek President Shavkat Mirziyoyev signed a protocol on Thursday for enhancing bilateral trade between their countries to $2bn within the next five years.

This was one of the several agreements reached between the two sides on the first day of President Mirziyoyev’s two-day visit to Pakistan.

Under the protocol, the two sides shall constitute a joint working group to formulate an action plan for identifying sectors for enhancing bilateral trade and economic cooperation through mutual consultations, state broadcaster Radio Pakistan reported.

Last month, the two countries had agreed to expand bilateral trade to $2bn as PM Shehbaz met with President Mirziyoyev in Tashkent.

report said.

It added that a smartly turned out contingent of the Pakistan armed forces presented a static salute to the visiting dignitary, and the tri-services band also delivered a performance.

The Foreign Office (FO) earlier said that the Uzbek president was undertaking the official visit to Pakistan at the invitation of PM Shehbaz.

In its statement, the FO said that the President Mirziyoyev would lead a high-level delegation comprising cabinet ministers and business leaders.

The FO added that this was the Uzbek president’s second visit to Pakistan, as he had last visited Pakistan in 2022.

The visit “reflects the upward trajectory in Pakistan-Uzbekistan bilateral relations and the brotherly ties between the two brotherly countries, rooted in common history, faith and common aspirations for peace and prosperity in Central and South Asia”, it said.

Pakistan and Uzbekistan have strengthened ties through trade and economic cooperation. A $1 billion trade deal was signed in 2023, and plans for further collaboration, including a roadmap for industrial cooperation, show the two sides’ commitment to boosting regional connectivity.

The Embassy of Uzbekistan said last week that President Mirziyoyev’s visit to Pakistan was expected to mark a new phase in bilateral relations.

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