Pakistan and Uzbekistan agree to expand bilateral trade to $2bn
Pakistan and Uzbekistan agreed on Wednesday to expand bilateral trade to $2 billion as Prime Minister Shehbaz Sharif met with Uzbekistan President Shavkat Mirziyoyev in Tashkent.
The development comes days after a similar agreement to boost investments to $2bn was reached with Azerbaijan during the premier’s two-day official visit there, which he concluded yesterday.
The prime minister had arrived in Tashkent yesterday evening on a two-day official visit to strengthen bilateral and trade relations.
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.
Earlier today, PM Shehbaz was welcomed by Uzbekistan President Shavkat Mirziyoyev today at the Tashkent Congress Centre, where both leaders held a bilateral meeting.
Following their meeting, PM Shehbaz and President Mirziyoyev witnessed a ceremony where several memorandums of understanding (MoUs) were signed between the two countries in various areas.
Speaking on the occasion, President Mirziyoyev said: “We came to the conclusions on different spheres and mutual trade turnover had exceeded 400 million and we have plans to increase that to $2bn.”
He termed the negotiations between them “very fruitful”, adding that there was a “new direction” for them for future goals.
The president said: “The modern state of Pakistan is our trusted partner, trusted by time, and a promising ally whose international reputation is steadily growing.
“[…] Despite current global challenges, the honourable prime minister is carrying out tremendous work to ensure peace and stability, improve the living standards of the population and accelerate economic growth.”
Congratulating the Pakistani government on those “achievements”, he noted that the relations between the two countries had been developing “dynamically”.
President Mirziyoyev noted that joint ventures between Pakistan and Uzbekistan have reached 130 while trade houses had been opened in Karachi and Tashkent.
“Air travel has been launched between Tashkent and Lahore,” he highlighted, adding that it was also agreed to open new routes, including flights between Samarkand, Bukhara and Karachi.
The president thanked the premier for his “warm words” for the Uzbek people.
Earlier today, the premier was given a formal welcome reception, with the national anthems of Pakistan and Uzbekistan played, followed by the guard of honour by smartly-turned-out contingents of the Uzbek armed forces, which the prime minister reviewed along with President Mirziyoyev.
Later, PM Shehbaz and President Mirziyoyev introduced their respective delegations to each other before proceeding to the bilateral meeting and delegation-level talks.
In their meeting, both leaders were set to “discuss all areas of bilateral cooperation including connectivity, economic, trade, investment, energy, defence and security, regional stability, and education”, according to an earlier statement issued by the Foreign Office.
The leaders were also to exchange views on regional and international issues of mutual interest, the press release said.
Later today, the premier would visit the Techno Park in Tashkent to observe Uzbekistan’s construction industry, according to APP.
Several activities on the economic side are also expected during PM Shehbaz’s visit.
According to the FO, “a number of bilateral agreements/MoUs” are expected to be signed between Pakistan and Uzbekistan.
The premier is also set to address the Pakistan-Uzbekistan Business Forum, where “leading businessmen from both sides” would participate and hold B2B meetings to further enhance bilateral trade.
PM Shehbaz’s visit “underscores Pakistan’s commitment to further strengthen its ties with Uzbekistan, through fostering greater economic collaboration and exploring new avenues of partnership, as part of the strategic vision for regional integration and economic prosperity”, the FO had noted.
“Pakistan and Uzbekistan are bound together by common bonds of history, culture, religion, and their aspirations for peace and development,” it asserted.
The prime minister is accompanied by a high-level delegation, including Deputy PM Ishaq Dar, Commerce Minister Jam Kamal Khan, Investment and Privatization Minister Abdul Aleem Khan, Information Minister Attaullah Tarar, and Special Assistant to PM Tariq Fatemi.
PM looks forward to ‘mutually advantageous cooperation’
Upon his arrival in the capital of Tashkent yesterday, PM Shehbaz was received by his Uzbek counterpart Abdulla Nigmatovich Aripov.
Uzbekistan’s Foreign Minister Bakhtiyor Saidov, Tashkent’s Mayor Shavkat Umurzakov, Uzbek envoy Alisher Takhitayev and his Pakistani counterpart Ahmed Farooq, along with senior diplomatic and government officials, were also present.
PM Shehbaz then visited the Independence Monument in Tashkent, where he laid a floral wreath and was briefed about the 3000-year-old history of the Uzbek nation and its heroes, state-run Radio Pakistan reported.
The visit underscored the shared historical and cultural ties between Pakistan and Uzbekistan while reaffirming the commitment to deepening bilateral relations, said a statement.
The premier expressed his admiration for Uzbekistan’s progress and resilience, drawing parallels with Pakistan’s struggle for independence and development.
In his remarks, PM Shehbaz had said, “The Independence Monument stands as a testament to the courage and determination of the Uzbek people. Pakistan and Uzbekistan share a common vision for peace, prosperity, and regional connectivity. This visit is a reminder of our shared values and the need to work together for a brighter future.”
“Wheels down in Uzbekistan. Deeply touched by the grand reception at the airport and the warm welcome by my dear brother Prime Minister Abdullah Aripov,” the premier had said on X after his arrival there yesterday.
“Uzbekistan being the crown of Central Asia, breathes history through the grandeur of its ancient cities, timeless art, and magnificent architecture. Looking forward to my engagements to enhance our common desire to strengthen these bonds of friendship through trade, investment and mutually advantageous cooperation.”
Earlier this month, Ambassador Tukhtayev had met with the Quetta Chamber of Commerce and Industry, where he stressed that Uzbek investors were keen to explore investment opportunities in Pakistan, particularly Balochistan.
Last month, the envoy had announced his government’s plan to introduce a new direct flight route between Tashkent and Karachi this year, describing it as a “significant step to foster closer ties between the two nations”.
In May last year, the foreign ministers of both countries met, underscoring their countries’ commitment to the swift completion of a planned railway link that would traverse Afghanistan.
The bilateral trade between Pakistan and Uzbekistan has grown substantially over the last few years, from $27 million in 2019-20 to $126m in 2022-23.