Pak-Uzbekistan Agrees To Start Negotiation On PTA

Pakistan and Uzbekistan agreed on Tuesday to start negotiation on Preferential Trade Agreement (PTA) for trade liberalization and enhancing the trade volume between both countries

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Jan, 2021 ) :Pakistan and Uzbekistan agreed on Tuesday to start negotiation on Preferential Trade Agreement (PTA) for trade liberalization and enhancing the trade volume between both countries.

The Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood held a meeting with the Ambassador of Uzbekistan to Pakistan, Aybek Arif Usmano at the Ministry of Commerce, to discuss the visit of Pakistan's delegation to Uzbekistan, said a press release issued by Ministry of Commerce.

It was also agreed during this visit that possibilities of starting negotiations on a Pakistan-Uzbekistan Preferential Trade Agreement (PTA) would also be explored.

The delegation which will be led by the Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, will visit Uzbekistan from 31st January 2021 to 4th February 2021.

During the visit, matters relating to trade, especially the Pakistan-Uzbekistan PTA will be discussed.

The two countries are striving to enhance trade and regional connectivity.

Improved connectivity and trade relations can open the doors for enhancing Pakistan's exports to Uzbekistan and beyond which has a market of $ 90 billion.

Apart from trade, the establishment of railways' links, banking relations, economic cooperation, maritime cooperation and investment will be discussed.

The possibilities of cooperation in the fields of textile and pharmaceuticals will also be explored.

Uzbekistan shares borders with Turkmenistan, Kazakhstan, Tajikistan, Kyrgyzstan and Afghanistan.

It is also expected that a delegation from Afghanistan may also join Pakistan and Uzbekistan at Tashkent to culminate into a Trilateral Conference on trade and connectivity.

Apart from Razak Dawood, the delegation will include the Secretary, Ministry of Commerce along with senior officials from other related ministries and departments.

The visit is a follow-up to the visit of the Deputy Prime Minister of the Republic of Uzbekistan, Dr. Sardor Umurzakov, on 10th in September 2020.

During that visit a Memorandum of Understanding to establish a Joint Working Group on Trade and Economic Affairs was signed and it was decided that the first meeting of the Joint Working Group will be held in Tashkent at a mutually agreed time.

Pakistan has deep shared historic connections with Uzbekistan especially with regard to culture, art, crafts and traditions. Its cities like Samarkand and Bukhara have been the centers of Islamic civilization and learning.

Diplomatic Relations between Pakistan and Uzbekistan were established when it gained independence from Soviet Union in 1991.

Both countries are members of the Organization of Islamic Cooperation, Economic Cooperation Organization and the Shanghai Cooperation Organization.