Pak-Uzbekistan PTA to become effective from Feb 1, 2023

Pakistan and Uzbekistan signed agreement on Monday to implement Pak-Uzbekistan Preferential Trade Agreement to take effect from February 1, 2023.

It will help to increase trade volume to $1 billion.

To overcome the Problems being faced by the Pakistani/ Uzbek Transporters, both Pakistan and Afghanistan had agreed to take up all the issues with Afghanistan, in a joint visit to Kabul tentatively to be undertaken in the last week of January 2023, after finalizing a joint agenda to be presented to the Afghan side. 

In addition to this agreement, Pakistan and Uzbekistan signed eight other agreements to boost bilateral relations in different sectors.

Two sides signed a total of nine agreements.

 The Uzbekistan side will complete internal formalities in January 2023 and the Pakistan side has already completed the same to implement the Pak-Uzbekistan Preferential Trade Agreement to take effect from February 1, 2023 . 

Federal Minister for Commerce Syed Naveed Qamar has signed different MoUs with Uzbek  Deputy Prime Minister, Khodjave Jamshid Abdukhakimovich here on Monday.Why Should Pakistan and China Pay in Local Currencies for Trade?

The signing meeting was co-chaired by Syed Naveed Qamar, Minister of Commerce Pakistan and Mr. Khodjaev Jamshid Abdukhakimovich, Deputy Prime Minister —Minister of Investment and Foreign Trade, Uzbekistan. 

Both sides noted that implementation of Agreement between Uzbekistan and Pakistan on Transit Trade (AUPTT)- Notification of rules awaited from Uzbekistan side in February 2023. 

Both sides agreed to formulate a Joint Strategy for transit trade through Afghanistan. Regional understanding on Transit and Trade Framework to be prepared including Joint fund/mechanism for upkeep of road infrastructure in Afghanistan.

Purpose of the meeting was to follow up on the initiatives undertaken between the two countries and prepare an action plan to enhance the trade turnover to USD 1 Billion.

The two sides agreed on the following points and a Joint Action Plan proposed by Uzbekistan. 

Implementation of Pak-Uzbekistan Preferential Trade Agreement w.e.f 1st February 2023, as Uzbekistan side will complete internal formalities in Jan 2023 and Pakistan side has already completed the same. 

Both sides agreed to start awareness sessions for business communities of both countries. 

Uzbek side informed of Uzbekistan becoming WT member in 2023 and Pakistan side offered full support. 

Uzbek side requested for an Off Dock Terminal for Uzbek Cargo at Karachi and Gwadar, Pakistan side offered full facilitation. 

Both sides agreed to organize Trade Exhibitions in each other’s country/ and prepare strategy for e-Commerce cooperation. 

 Both sides agreed to Finalize MRA for SPS Measures on priority basis. 

Uzbekistan side informed Pakistan side about Termiz Economic Zone and incentives offered, and Pakistan side agreed to disseminate information to business community.