Pakistan’s deputy PM discusses trans-Afghan railway with Uzbek foreign minister

Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar meets Uzbekistan’s Foreign Minister, Saidov Bakhtiyor Odilovich (right), in Tashkent, Uzbekistan, on February 26, 2025. (PID/File)
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Updated 31 May 2025
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Pakistan’s deputy PM discusses trans-Afghan railway with Uzbek foreign minister

  • Envisioned in 2021, the project is expected to improve trade relations among all three countries
  • Ishaq Dar discusses the modalities for early finalization of the project’s framework agreement

ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar held a phone call with his Uzbek counterpart on Saturday to discuss steps toward advancing the Uzbekistan-Afghanistan-Pakistan (UAP) railway project, including the framework agreement and its signing mechanism, said the foreign office.

The UAP railway is a trilateral initiative aimed at enhancing regional connectivity by linking Central Asia with Pakistan’s southern ports of Gwadar and Karachi through Afghanistan.

Envisioned in 2021, the project is expected to improve trade access for landlocked countries and bolster economic integration in the region.

“Deputy Prime Minister/Foreign Minister, Senator Mohammad Ishaq Dar @MIshaqDar50, held a telephone conversation today with Uzbekistan’s Foreign Minister, Saidov Bakhtiyor Odilovich @FM_Saidov,” the foreign office said in a social media post on X.

“They discussed the modalities for early finalization of the framework agreement for the Uzbekistan-Afghanistan-Pakistan (UAP) Railway Line Project, including details of its signing ceremony in consultation with leadership of Afghanistan,” it added.

The conversation came a day after Pakistan and Afghanistan agreed to upgrade diplomatic relations, with Islamabad announcing it would elevate its chargé d’affaires in Kabul to ambassadorial rank. Kabul said it would reciprocate the move.

Ties between the two countries have been tense in recent years, with Pakistan accusing Afghanistan’s Taliban administration of harboring militants involved in cross-border attacks, leading to a deportation drive against undocumented Afghan nationals.

The Taliban have denied facilitating any violence inside Pakistan and criticized the deportations.

Efforts to ease tensions between the two neighboring countries also gained momentum in recent months. During a trilateral meeting with Chinese officials in Beijing, Pakistan and Afghanistan announced plans to exchange ambassadors.

Afghan authorities have also said Foreign Minister Amir Khan Muttaqi is due to visit Pakistan “in the coming days.”

The UAP railway, first agreed in February 2021, envisions a 573-kilometer track linking Tashkent to Peshawar via Kabul, with an estimated cost of $4.8 billion.

The project faces significant logistical challenges, including security concerns in Afghanistan and the need to reconcile different railway gauges across the three countries.

However, Pakistan has already sent agricultural consignments to Uzbekistan last year. 

Implementation of the UAP railway is expected to further deepen trade ties among the three nations.


Pakistan clears global crypto exchanges Binance, HTX under new regulatory framework

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Pakistan clears global crypto exchanges Binance, HTX under new regulatory framework

  • NOCs allow Binance, HTX to conduct engagement activities within Pakistan, says regulator PVARA
  • Says move allows entities to open subsidiaries in Pakistan but doesn’t constitute as operating license

ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) announced on Friday that it has granted no objection certificates (NOCs) to global crypto exchanges Binance and HTX, the latest in a series of moves by Islamabad to regulate its fast-growing virtual assets market. 

PVARA said the NOCs were granted following a review process it conducted with public sector stakeholders which focused on governance structures, compliance frameworks, risk management controls and alignment with Pakistan’s emerging regulatory requirements for virtual asset activities.

Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight and encouraging innovation in blockchain-based financial services.

“The introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline,” Finance Minister Muhammad Aurangzeb was quoted as saying in a press release issued by PVARA. 

The regulatory authority said the NOCs allow Binance and HTX to conduct preparatory and engagement activities within Pakistan under “defined regulatory oversight,” clarifying that it does not constitute a “full operating license.”

The NOCs allow Binance and HTX to begin registration on the FMU goAML, Pakistan’s anti–money laundering reporting platform, as reporting entries. It also allows them to engage with the Securities and Exchange Commission of Pakistan (SECP) regulator to incorporate their subsidiaries in the country. 

HTX and Binance can also prepare and submit their full VASP license applications once licensing regulations are promulgated and provide anti-money laundering (AML) registered services after the completion of their goAML registration.

“PVARA will continue to engage with domestic and international stakeholders as it advances subsequent phases of its regulatory framework,” the authority said. 

“Additional guidance regarding licensing standards, compliance obligations and supervisory expectations for virtual asset service providers will be issued in due course.”

Chairman PVARA Bilal Bin Saqib said issuing the NOCs marks the first step toward a fully licensed and regulated environment for digital assets in Pakistan. 

“By adopting a phased and internationally aligned approach, Pakistan is ensuring that only well-governed, fully compliant global platforms progress toward full licensing,” Saqib was quoted as saying by PVARA.

According to PVARA, Pakistan already ranks at number three in crypto adoption and is home to an estimated 30 to 40 million users.

It said industry-wide assessments estimate that annual digital asset trading activity linked to Pakistan exceeds $300 billion. 

The development takes place days after Prime Minister Shehbaz Sharif met a delegation of Binance in Islamabad, led by its CEO Richard Teng, to discuss regulating digital assets in Pakistan.