Uzbekistan Becomes Pakistan's Largest Trading Partner In Central Asia: Ambassador Tukhtaev

Ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev on Thursday said that Uzbekistan has now become Pakistan’s largest trading partner in Central Asia- a clear reflection of the growing depth, trust, and mutual benefit in our economic partnership

ISLAMABAD, (UrduPoint / Pakistan Point News - 7th Aug, 2025) Ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev on Thursday said that Uzbekistan has now become Pakistan’s largest trading partner in Central Asia- a clear reflection of the growing depth, trust, and mutual benefit in our economic partnership.

“We have set an ambitious but achievable target, to increase the volume of bilateral trade to $2 billion in the coming future and to achieve this, both sides must continue working together to eliminate remaining trade barriers, improve transport and logistics connectivity, simplify customs procedures, and foster even closer ties between our business communities,” the Ambassador said.

Ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev, said this while addressing the media briefing session held here in the Embassy of Uzbekistan, Islamabad.

The Ambassador said that in 2024, the total trade turnover between Uzbekistan and Pakistan exceeded $400 million, and the number of joint ventures operating in Uzbekistan with Pakistani investments reached 130.

In the first half of 2025 alone, mutual trade amounted to $ 253.7 million, representing a remarkable 123% growth compared to the same period in 2024, he said.

However, these trade figures still fall far short of our true potential, and as emphasized by our top leadership, both sides are firmly committed to significantly expanding bilateral trade in the coming years, he said.

He said that to promote bilateral trade, three major exhibitions were successfully organized in Lahore, Islamabad, and Karachi.

Speaking on the guiding role of both sides' leadership, he said the frequency of high-level leadership visits and meetings is a clear sign of the growing trust and strategic nature of our relations, and the recent exchanges between our leadership and ministers have laid a strong foundation for practical cooperation and tangible outcomes.

The Uzbek envoy said that in January 2025, Prime Minister Shehbaz Sharif paid an official two-day visit to Uzbekistan, and this high-level visit marked a significant milestone in our bilateral relations and reflected the shared commitment of both governments to further strengthen cooperation in all spheres.

During the visit of Prime Minister Muhammad Shehbaz Sharif, both sides held comprehensive discussions on a wide range of issues, including political dialogue, regional connectivity, trade and economic relations, energy, agriculture, and joint infrastructure projects, he said.

Alisher Tukhtaev said that President of the Republic of Uzbekistan, Shavkat Mirziyoyev, and the Prime Minister of the Islamic Republic of Pakistan, Muhammad Shehbaz Sharif, signed a Joint Declaration and a Protocol on the ‘Establishment of a Strategic Partnership Council’ at the highest level.

Terming Regional economic connectivity a key, he said, and Uzbekistan intends to utilize the ports of Karachi and Gwadar as strategic gateways to global markets, aiming to enhance regional connectivity and ensure the smooth flow of goods to and from South Asia, the Middle East, and beyond.

The envoy said that all these initiatives will be discussed in greater detail during the upcoming meeting of the Uzbekistan-Pakistan Intergovernmental Commission, which is scheduled to take place later this year.

To further expand bilateral trade and diversify exports, ‘Uzbekistan-Pakistan Trade Houses’ were opened in Lahore (February), and in Karachi (May), he said.

The Ambassador said that in order to enhance mutual payment mechanisms with Pakistan, a delegation from the Central Bank of Uzbekistan, accompanied by representatives of leading Uzbek commercial banks, visited Karachi in April this year.

During the visit, in-depth discussions were held with the State Bank of Pakistan and major commercial banks - including Bank Al-Habib Limited, HBL, Meezan Bank, Habib Metropolitan Bank, UBL, Askari Bank, and Soneri Bank - focusing on settlement procedures in bilateral trade and export-import operations, he said.

He said that in parallel, both governments are working closely to finalize a Preferential Trade Agreement (PTA), which is expected to significantly reduce tariffs and simplify customs procedures for key commodities.

“Our countries plan to increase the number of goods covered under the Preferential Trade Agreement from 17 to 100.”

The leadership of Uzbekistan and Pakistan has also paid special attention to enhancing transport connectivity and fully utilizing the region's transit potential, he said.

Although, Uzbekistan currently has separate transit trade agreements with both Afghanistan and Pakistan, a proposal has been made to introduce a trilateral transit trade agreement to further facilitate regional trade, he said.

The Ambassador said that to increase cargo turnover, both sides have agreed to establish a joint transport and logistics company.“Our partnership is based on shared history, culture, religion, and mutual respect-and we are committed to deepening our cooperation across political, economic, trade, investment, transport, education, tourism, and people-to-people areas.”