By Syed Marwan Shah

ISLAMABAD, July 26: The volume of the bilateral trade between Pakistan and Uzbekistan is likely to reach $1 billion in the next two years, WealthPK reports.

“Presently the volume of trade between the two countries is $180 million. In the next two years, it is envisaged to reach $1 billion,” said Ambassador of Uzbekistan to Pakistan Aybek Arif Usmanov.

According to him, the Preferential Trade Agreement (PTA) between Pakistan and Uzbekistan is being implemented. As a result, bilateral trade between the two countries will continue to enhance significantly.

He said that some barriers and issues were hindering mutual trade between the two countries. However, he said that both countries were taking steps to resolve those issues and devise a mechanism to bridge the gap between them.

The Uzbek ambassador said that Transit Trade Agreement between Pakistan and Uzbekistan was signed last year. “It plays a vital role in promoting mutual trade between the two countries,” he added.

On March 28, he said, Uzbekistan hosted a tripartite conference on transport and logistics that was attended by the delegations of Pakistan and Afghanistan besides the officials of the host country. Many problems were resolved through discussions among the transport and communication ministers of Pakistan, Uzbekistan and Afghanistan.

Aybek Arif Usmanov said that Uzbekistan announced at the conference the establishment of the International Temiz Cargo Centre, which would provide facilities to the traders of the three countries. Pakistan and Uzbekistan were enforcing a comprehensive plan to increase mutual trade between the two countries.

Setting up a rail and road network for regional economic and trade integration was the main feature of the plan to connect China, Central Asia and South Asia for trade as well as to promote economic relations with countries of the Shanghai Cooperation Organisation.

The ambassador said that road and rail links were important for promoting mutual trade among Uzbekistan, China, Pakistan and Afghanistan. Work has already been initiated on these projects.

He said that work on the Chinese, Kyrgyz and Uzbek railway lines was already started. The railway line will link Termiz in Uzbekistan to the Jalalabad-Peshawar railway line, which will promote economic and trade relations among the countries of the region, including China.

He underscored the importance of the role of Afghanistan in any kind of mutual trade agreement between Pakistan and Uzbekistan. He said that the three countries had taken effective steps to make the plan a success.

A research study, conducted by WealthPK, indicates that Pakistan holds significant importance for Uzbekistan, which is one of the landlocked countries in Central Asia that need cost-efficient access to warm water for the trans-shipment of its goods to the offshore markets. Pakistan and Uzbekistan can also play important role in the trade and economic integration of the region. An increase in bilateral trade between the two countries will usher in a new era of economic integration across the region.

Credits: INP-WealthPk