Trade between Pakistan and Kazakhstan remains far below its potential and there is a need to develop a plan of action to bring it to the desired level, said Federal Minister for Economic Affairs Sardar Ayaz Sadiq while addressing the Pakistan-Kazakhstan Inter-Governmental Joint Commission (IJC). The minister said the bilateral trade volume was recorded at just $163 million in 2022, including $163 million in exports from Pakistan and $56 million in imports from Kazakhstan. He said both countries should develop a plan of action to raise the trade volume through enhanced trade activities and removal of barriers.

He said holding frequent joint business council meetings and facilitating businesses to introduce products in each other’s markets could play a vital role in promoting the bilateral trade. The minister expressed hope that an early finalization and signing of a transit trade agreement between the two sides would further enhance bilateral trade. He said Pakistan and Kazakhstan enjoy good cordial relations that would be further strengthened through the IJC established back in 1993. He said the IJC has resulted in enhancing bilateral relations in various fields including trade, investment, cultural exchange and tourism.

Ayaz expressed hope that the IJC would provide a solid base to consolidate relations to move forward for capitalization of the available economic opportunities. He said business and investment in Pakistan have improved and various agreements with Kazakhstan would further help enhance them. Promotion of tourism and culture is also a priority of the government, as Pakistan is a beautiful place with huge diversity, having five out of 14 highest peaks of over 8,000 meters.

The minister also underlined the need for cooperation in the agricultural research, as the economy of both countries depend on agriculture. He said cooperation could be enhanced for value addition, processing and joint ventures. Cooperation could also be enhanced in the higher education sector by exchanging faculties and students besides the signing of agreements among various universities. He said Pakistan attaches importance to a peaceful environment in the neighborhood and invites Kazakhstan to be part of China Pakistan Economic Corridor (CPEC) and benefit from it.

Credit : Independent News Pakistan-WealthPk