ISLAMABAD: The Ambassador of Uzbekistan to Pakistan, Alisher Tukhtayev, and Pakistani Federal Minister for Commerce, Jam Kamal Khan, on Monday discussed avenues to enhance business opportunities and trade relations as Islamabad seeks to enhance investment ties with the Central Asian Republics (CARs).
Pakistan is pushing to consolidate its role as a pivotal trade and transit hub connecting the landlocked Central Asian states with the rest of the world, leveraging its strategic geographical position. In recent weeks, there has been a flurry of visits, investment talks and economic activity between officials from Pakistan and the Central Asian nations.
Pakistan and Uzbekistan signed a $1 billion deal to increase bilateral trade in February 2023 at the eighth meeting of the Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation in Tashkent. The agreement was aimed at encouraging the exchange of goods and services. The outgoing Uzbek Ambassador to Islamabad, Oybek Usmanov, said in September this year the countries were aiming to announce a $1 billion trade and industrial cooperation roadmap in the near future.
“Both sides agreed to work closely to unlock the full potential of their relationship,” a statement from the Pakistani commerce ministry said after Khan’s meeting with Tukhtayev, who was appointed in October.
During the discussion, Khan expressed his admiration for Uzbekistan’s infrastructure and rapid development.
“The progress in Uzbekistan is remarkable, and I was particularly impressed by its railway system,” the minister said, underscoring the importance of learning from Uzbekistan’s advancements.
Khan also highlighted newly launched flights between Pakistan and Uzbekistan, noting that their high occupancy rates were a “sign of significant potential for collaboration.”
“He identified religious tourism and other sectors as areas ripe for growth and called for further efforts to facilitate travel. Stressing the need for a streamlined visa process, he advocated measures to ensure genuine visitors while maintaining rigorous scrutiny,” the commerce ministry said.
Khan proposed partnerships with local airlines to boost trade and travel connectivity and suggested organizing business-to-business (B2B) interactions during Prime Minister Shehbaz Sharif’s upcoming visit to Uzbekistan, the dates of which have not yet been confirmed.
“The idea of holding a business forum during the visit also featured prominently in their discussions,” the commerce ministry added.
“Ambassador Tukhtayev agreed on the untapped potential of bilateral trade, emphasizing sectors like agriculture, food, pharmaceuticals, and tourism. He reassured the minister of the Uzbek Embassy’s round-the-clock availability to facilitate coordination and promote business ties,” the statement added.
Pakistan and Uzbekistan established diplomatic relations in May 1992.
Uzbekistan is the largest consumer market and second biggest economy in Central Asia. It was the first Central Asian country with which Pakistan signed a bilateral Transit Trade Agreement (UPTTA) and bilateral Preferential Trade Agreement (PTA) on 17 items.
Bilateral trade with Pakistan (Jan-Dec 2021) amounted to $126.05 million, with $88.18 million exports to Pakistan and $ 37.87 million imports from Pakistan, according to the website of the Pakistani foreign office, which did not provide updated figures.
Pakistan moves to enhance trade with Uzbekistan amid investment push in Central Asia
https://arab.news/5n6c2
Pakistan moves to enhance trade with Uzbekistan amid investment push in Central Asia
- Pakistan wants to consolidate its role as a pivotal trade and transit hub for landlocked Central Asian states
- In recent weeks, there has been flurry of visits, investment talks, economic activity between Pakistan and CARs
Pakistan reviews austerity measures amid Middle East crisis, urges strict nationwide implementation
- Deputy Prime Minister Ishaq Dar chairs review meeting of austerity steps
- Officials briefed on salary cuts, school closures, four‑day week, petrol conservation
ISLAMABAD: Pakistan’s government on Wednesday assessed progress on a sweeping set of austerity measures introduced to mitigate the country’s economic strain from sharply rising global oil prices and supply disruptions linked to the ongoing war in the Middle East.
Prime Minister Shehbaz Sharif this week announced a series of austerity steps, including a four‑day work week for government offices, requiring 50 percent of staff to work from home, cutting fuel allowances for official vehicles by half, grounding up to 60 percent of the government fleet and closing all schools for two weeks to conserve fuel amid the global oil crisis.
The measures were unveiled in response to global oil market volatility triggered by the conflict involving the United States, Israel and Iran, which has disrupted supply routes such as the Strait of Hormuz and pushed crude prices sharply higher, straining Pakistan’s heavily import‑dependent energy sector.
“The meeting stressed the importance of strict and transparent adherence to the austerity measures, promoting fiscal responsibility and prudent use of public resources,” Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar said in a statement.
He was chairing a meeting of the Committee for Monitoring and Implementation of Conservation and Additional Austerity Measures, constituted under the directions of the PM, bringing together federal and provincial officials to review execution of the broad cost‑cutting plan.
Dar emphasized the government’s commitment to enforcing the PM’s austerity steps nationwide. The committee’s review also covered reductions in departmental expenditure, deductions from salaries of senior officials earning over Rs. 300,000 ($1,120), and coordination with provincial administrations to ensure uniform implementation of the plan.
Participants at the meeting reiterated that all ministries and divisions must continue strict monitoring and reporting, with transparent oversight mechanisms, as Pakistan navigates the economic pressures from the prolonged Middle East crisis and its fallout on global energy and trade markets.
