Newsnomics AJAY ANGELINA reporter | The Islamic Republic of Pakistan and the Republic of Uzbekistan on

Friday has signed $1 billion agreement to increase bilateral trade, a statement from the Ministry of Economic Affairs said.

The agreement was being made at the 8th session of Pakistan-Uzbekistan Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) held in Tashkent, Uzbekistan on February 24th,

2023.

Both countries signed the agreement to encourage the exchange of goods and services, read the statement

of the ministry of economic affairs, Pakistan.

The IGC was co-chaired by H.E. Mr. Laziz Kudratov, the Minister of Investments, Industry and Trade from the

Republic of Uzbekistan, and by H.E. Senator Mohammad Ishaq Dar, Minister for Finance and Revenue from

the Islamic Republic of Pakistan.

The IGC was mainly focused on bilateral economic cooperation between the two countries in various sectors,

that include commerce and trade, banking, industries and production, investment, textile industry, energy, oil

and natural resources, transportation and communication, agriculture and tourism and culture development.

But, the most important outcome of the IGC was the signing of $1 billion trade agreement between the two governments.

Mr. Ishaq Dar, the finance Minister of Pakistan lauded progress already made in the field of transport and

trade. He welcomed Uzbek government to further explore the areas of automobiles, information technology

and natural minerals exist in Pakistan.

The closer ties between the two countries, especially in the fields of trade, transport, banking, and agriculture were appreciated by the Uzbek side, showed commitment for enhancing bilateral connectivity through diverse modes.

Both the parties agreed to hold the ninth meeting of the Pakistan-Uzbekistan Inter-governmental Commission next year in Pakistan.