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Uzbek envoy agrees to remove trade barriers

ISLAMABAD: Uzbekistan Ambassador Aybek Arif Usmanov has indicated a strong interest in investing in Pakistan’s e-commerce, trade, and manufacturing.

During a meeting with Federal Minister of Commerce Syed Naveed Qamar on Tuesday, Usmanov emphasized the importance of taking more concrete steps to implement the action plan, which calls for $1 billion in yearly trade between Uzbekistan and Pakistan.

He stated that bilateral trade relations were improving, as data for the fiscal year 2021-22 showed a rise in trade to approximately $91 million, with exports totaling $57 million.

Pakistan’s exports to Uzbekistan more than doubled from $36.56 million in July-March FY22 to $73.12 million in the fiscal year 2022-23.

The ambassador and the minister agreed to remove unnecessary impediments in order to drive bilateral trade to $5 billion.

He recognized and praised the minister’s recent efforts to reconcile political groups and bring them to the bargaining table.

While appreciating the Uzbek ambassador’s efforts to strengthen ties, the federal commerce minister highlighted the great potential for trade between the two nations. “There is an urgent need to identify new sectors for cooperation,” he stated.

Qamar expressed his complete support for the ambassador’s initiative to explore new paths of mutual investment and capitalize on actual trade possibilities.
Both parties agreed to continue collaborating closely to seek the potential for collaboration in trade, investment, and other areas. They underlined their determination to deepen bilateral relations.

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