Mutual trade between Uzbekistan and Pakistan is on course to more than double to $1bn of turnover within the next two years, the Ambassador of Uzbekistan, Oybek Arif Usmanov, said on August 18.

Over the last three years, trade between the two nations has consistently expanded by  50% to 55% annually and saw the volume surge from $50mn to $240mn last year, the ambassador said. Year to date, bilateral trade has already reached $180mn and is on course to surpass year’s years total.

The ambassador stressed that the Uzbekistan-Pakistan trade dynamic is balanced forming the basis for long-term competition. The implementation of the Transit Trade Agreement in 2021 and the Preferential Trade Agreement in 2022 have played pivotal roles in facilitating this growth.

During the recent joint ministerial commission meeting, Finance Ministers from both nations signed a significant $1bn trade roadmap agreement and it is hoped that the trade volume will reach $400mn by year-end, with a long-term goal of hitting $1bn within the next two years.

Speaking during a visit to the Karachi Chamber of Commerce & Industry (KCCI), the Uzbek Envoy highlighted Uzbekistan's impressive economic trajectory. The nation's economy, industries, and agriculture sector have witnessed robust growth due to economic liberalization, business-friendly policies, and enhanced banking and financial facilitation. 

The Ambassador shed light on upcoming initiatives, revealing that Pakistan, Afghanistan, and Uzbekistan are set to convene at the ministerial level in October 2023. This trilateral meeting aims to establish a Trilateral Trade Agreement, with agendas spanning transit trade, transport facilitation, and strategies to mitigate Customs tariffs and duties. This collaborative effort demonstrates the commitment of all three nations to foster trade growth and cooperation.