Pakistan and Uzbekistan have reached an agreement to expand their preferential trade pact, which is being regarded as an important step towards the promotion of bilateral trade and investment.
According to details surfaced on Tuesday, the accord to broaden the Preferential Trade Agreement (PTA) paved the way for further strengthening of economic relations between the two countries. This outcome reflected the efforts of the SIFC, which have brought marked improvements in Pakistan’s international economic engagements.
To enhance bilateral trade, both countries have set a target of increasing trade volume to $2 billion over the next two years. Special emphasis has been placed on customs coordination, digital connectivity, and real-time data exchange to facilitate the Pak-Uzbek trade.
Uzbekistan has given priority to joint projects and technology transfer in the textile, leather, pharmaceutical, and surgical instruments sectors. Sources divulged that the expansion of the PTA will boost trade volume in Pakistan and further consolidate the confidence of global investors.
