Pakistan and Uzbekistan have agreed on an Expanded Agreement to strengthen their Preferential Trade Agreement (PTA). The move aims to promote trade, investment, and economic cooperation between the two countries. Officials described it as an important step in deepening bilateral relations.
According to sources, the Expanded Agreement will allow both nations to enhance their trade volume significantly. Pakistan and Uzbekistan have set a target to increase trade to $2 billion over the next two years. The plan focuses on improving customs coordination, digital connectivity, and real-time data sharing to make trade smoother and faster.
Uzbekistan has emphasized collaboration in sectors such as textiles, leather, pharmaceuticals, and surgical instruments. The Expanded Agreement includes technology transfer and joint projects to benefit both economies. Experts say this will create opportunities for businesses and attract international investors to Pakistan.
Officials from both countries highlighted that the Expanded Agreement reflects ongoing efforts by the SIFC to strengthen Pakistan’s global economic engagement. They noted that the pact will build investor confidence while supporting local industries.
The PTA expansion also focuses on simplifying trade procedures. Digital platforms will enable quicker documentation and communication between exporters and importers. Authorities believe this step will reduce delays and lower costs for businesses in both nations.
Economic analysts say the agreement will encourage long-term partnerships. Joint ventures and investment opportunities are expected to increase in targeted sectors. The move aligns with both countries’ broader strategies to improve regional trade integration.
In addition, both governments plan to monitor progress and hold regular consultations. They aim to ensure that the objectives of the Expanded Agreement are achieved efficiently. Officials stressed that continuous cooperation will be key to maximizing trade potential.
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In conclusion, the Pakistan-Uzbekistan Expanded Agreement marks a significant milestone in bilateral economic relations. It is expected to boost trade volume, foster industrial growth, and strengthen investor confidence in the region.
