Tashkent, Uzbekistan (UzDaily.com) -- On 21 February, in Islamabad, a meeting was held between the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and Advisor to the Prime Minister of the Islamic Republic of Pakistan on trade and investment Abdul Razzak Dawood.

During the meeting, the parties discussed measures to further deepen the economic partnership, the implementation of existing agreements and issues related to the preparation for the planned bilateral events with the participation of government and business circles.

In particular, urgent tasks were considered to accelerate the harmonization of the Preferential Trade Agreement and the joint Action Plan for the practical implementation of the Transit Trade Agreement. The parties voiced mutual interest in operational study and solution of existing issues in these areas.

Positive dynamics of growth and diversification of mutual trade was noted: in 2021, despite the negative consequences of the pandemic, the volume of Uzbek-Pakistani trade increased by almost 50 percent. Significant results have been achieved, in particular, in trade in equipment, products of the food, chemical, textile and pharmaceutical industries, as well as agriculture.

The parties also noted with satisfaction the favorable prerequisites for the development of investment and industrial cooperation in priority sectors. During the dialogue, promising areas for joint investment projects and interaction mechanisms were considered to attract entrepreneurs from the two countries to their implementation based on the successful experience gained.

During the dialogue, further steps were also discussed in preparation for the upcoming bilateral events, including the holding of the next meeting of the Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation between the Republic of Uzbekistan and the Islamic Republic of Pakistan and a joint business forum. 

The parties expressed confidence that the successful implementation of these events will give an additional impetus to the further deepening of bilateral investment, industrial, trade, economic, transport, logistics, cultural and humanitarian cooperation, including through the establishment of direct ties between the business circles of the two countries.

As a result of the meeting, further practical actions were agreed to promote practical cooperation in all considered areas of interaction.