Pakistan, Uzbekistan agree to boost bilateral trade to $2 billion

APP

Islamabad: Pakistan and Uzbekistan on Thursday agreed to raise their bilateral trade volume to $2 billion within the next five years, signing a series of agreements aimed at expanding economic cooperation, investment, and regional connectivity.

Prime Minister Shehbaz Sharif and Uzbekistan’s President Shavkat Mirziyoyev formalised the understanding during a protocol and agreement signing ceremony in Islamabad, attended by senior officials and members of both delegations.

Welcoming the Uzbek president on his second visit to Pakistan in four years, the prime minister described the relationship as rooted in “deep historical, cultural and spiritual ties” dating back to the ancient Silk Route, and said both countries were now focused on translating that goodwill into tangible economic outcomes.

Trade, investment roadmap

Under the agreement, Islamabad and Tashkent will establish a joint working group to design a five-year roadmap to expand trade and business collaboration across sectors including agriculture, textiles, pharmaceuticals, industry, tourism, and information technology.

The working group will meet quarterly to review progress, while the two leaders will oversee its performance during future bilateral engagements.

Officials said the new framework is intended to remove trade bottlenecks, improve market access and encourage private-sector linkages between the two countries.

Regional connectivity focus

A key component of the talks centred on regional infrastructure and connectivity, particularly the proposed Uzbekistan–Afghanistan–Pakistan railway project.

Prime Minister Shehbaz termed the rail link a potential “game changer” for regional trade, saying Pakistan was prepared to mobilise financing based on feasibility and business plans. The project aims to enhance transit trade and provide Central Asian states access to Pakistani ports.

Both sides also held the inaugural meeting of the high-level Strategic Cooperation Council, designed as a structured mechanism to deepen engagement in security, defence, economic and political cooperation.

Honours and academic collaboration

During the visit, President Mirziyoyev was conferred the Nishan-e-Pakistan, the country’s highest civilian award, in recognition of his role in strengthening bilateral ties. He also received an honorary doctorate and the title of professor from the National University of Sciences and Technology (NUST).

In response, the Uzbek president announced plans to establish an academic chair in collaboration with NUST at a university in Uzbekistan, with joint research and exchanges in fields such as artificial intelligence, cyber security, science and technology.

Cultural initiatives

The two countries also agreed on symbolic cultural projects, including the construction of Babur Park in Islamabad and naming a road in the capital as Tashkent Street to mark longstanding historical links.

Speaking at the ceremony, President Mirziyoyev described Pakistan as a “reliable and close partner” in South Asia and expressed confidence that enhanced cooperation would benefit both economies.

The visit concluded with the signing of multiple agreements and memorandums of understanding aimed at accelerating trade, investment and people-to-people exchanges.