ISLAMABAD: (Parliament Times) In order to realize the Prime Minister’s vision of regional connectivity for enhanced economic integration and to follow up on initiatives taken during the Prime Minister’s recent visits to Central Asian Countries, the Ministry of Commerce has chalked out a comprehensive plan for trade promotion exclusively focused on Central Asia.
This was said by Minister for Commerce, Engr. Khurram Dastgir Khan while chairing a meetingwith high level Uzbek delegation headed by H.E. Mr. Ulugbek Rozukulov, Deputy of the Prime Minister of Republic of Uzbekistan on 22nd December, 2016.
The minister welcomed the delegation and said that the visit will be helpful in promoting trade and economic relations between the two countries.
The minister informed the delegation that there exist tremendous trade potential between the two countries and that the bilateral trade between Pakistan and Uzbekistan is not reflective of the true potential.
The trade volume between the two countries at present is at the level of US$ 3.92 million in 2015-16 which has increased from US$ 2.98 million in 2014-15. Pakistan’s exports to Uzbekistan have witnessed marginal increase from US$ 1.347 million in 2014-15 to US$ 2.07 million in 2015-16 while imports from Uzbekistan have also slightly increased from US$ 1.56 million to US$ 1.843 million during the same period.
Uzbekistan is a country of about 32 million people with exports US$13.32 billion (2014est.) and imports of US$12.5 billion (2014est.).
The major export commodities include Energy products, cotton, gold, minerals, fertilizers, ferrous and nonferrous metals, textiles, foodstuffs, machinery and automobiles while the major import commodities include machinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals.
Speaking to the visiting delegation, the minister was of the view that there are certain issues that hamper expansion of bilateral trade like lack of Direct Cargo Links, Safe and Direct Land Routes, Marketing Strategies, Knowledge of Pakistani Products, Visa Facilitation and Costlier Transportation by Air. “Barriers and challenges are there but we have to work together to remove the barriers and facilitate the tradeâ€, added the minister.
The minister extended invitation to both public and private sectors of Uzbekistan to organize single country exhibition in Karachi or Lahore which are commercial hubs of Pakistan.
The minister proposed to the delegation that Pakistan and Uzbekistan may explore opportunities for Joint Ventures in Textile. “There is also need to revive the forum of Joint Commission and the next session may be held at the earliestâ€, added the minister.
The minister informed the delegation that Memorandum of Understanding between Trade Development Authority of Pakistan (TDAP) and the Uzbek Ministry of Economic Affair and Investment has already been signed which aims at promoting and developing trade links between the two countries. “In this regard, a Central Asia Trade Caravan/Roadshow including single country exhibition is planned to be held in 1st quarter of 2017â€, added the minister.
The Deputy of the Prime Minister H.E. Mr. Rozukulov Ulugbek appreciated the efforts made and steps taken by the ministry of commerce and government of Pakistan for promotion of bilateral trade between the two countries and assured full support from Uzbekistan side.
Mr. Rozukulov Ulugbek informed the minister that Special Economic Zones have been created in Uzbekistan with zero tariffs and Pakistani investors can get benefited from it.
