Pak-Uzbekistan Agrees On 'Joint Working Group On Trade And Investment'

Advisor to the Prime Minister on Commerce, Textile and Investment on Wednesday apprised the Memorandum of Understanding between Pakistan and Uzbekistan for establishing the 'Joint Working Group Trade and Investment'.

ISLAMABAD, (APP - UrduPoint / Pakistan Point News - 7th May, 2020 ) :Advisor to the Prime Minister on Commerce, Textile and Investment on Wednesday apprised the Memorandum of Understanding between Pakistan and Uzbekistan for establishing the 'Joint Working Group Trade and Investment'.

The agreement will be ready for signature after seeking approval from the cabinet of Pakistan, the adviser said.

Razak Dawood assured the Uzbek side of Pakistan's support to join Quadrilateral Traffic in Transit Agreement (QTTA) said a news release issued by Ministry of Commerce here.

Advisor to the Prime Minister on Commerce and Investment said this while had a conference call with Deputy Prime Minister Uzbekistan, Sardor Umurzakov.

Uzbek Ambassador to Pakistan, Furqat Sidikov, also joined the meeting in Ministry of Commerce, Islamabad.

While both sides agreed to cooperate in Joint Ventures.

During the meeting, both sides expressed the desire to enhance trade relations between the two countries.

Both of the countries in negotiation been resolved that all out efforts would be made to enhance Bilateral Trade relations, establishing Joint Ventures in the fields of agriculture, textile, pharma, tourism and construction.

Pakistan and Uzbekistan also agreed on greater utilization of the institutions like Inter-Governmental Commission and Joint business Council for giving impetus to Government to Government and Business to Business cooperation Uzbekistan side expressed desire for utilization of Karachi and Gawadar Ports for its trade operations, and establishment of Joint Working Group for trade and investment cooperation.

Deputy Prime Minister of Uzbekistan also requested Pakistan to support its cause in accession to Quadrilateral Traffic in Transit Agreement (QTTA), and share experience on achieving GSP Plus status.

During the meeting, both sides expressed the desire to enhance trade relations between the two countries.

It was agreed that institutional mechanism between both the countries needs to be upgraded.