• Aviation ties, banking integration discussed
• Connecting Central and South Asia markets ‘central objective’ for both nations
ISLAMABAD: Pakistan and Uzbekistan decided on Monday to establish a joint committee comprising the drug regulatory authorities of both countries and the Pakistan Pharmaceutical Association (PMA) to fast-track solutions aimed at boosting pharma-related trade between the two nations.The agreement was reached during the Pakistan-Uzbekistan Cooperation’s 8th Review Session, chaired by Haroon Akhtar Khan, the special assistant to the prime minister (SAPM) on industries and production.
The meeting was attended by Uzbek Ambassador Alisher Takhtayev, as well as senior representatives from the federal and provincial governments, the Special Investment Facilitation Council, the business community, and diplomatic missions.
During the meeting, both sides held comprehensive discussions on expanding bilateral cooperation in key sectors, including textiles, pharmaceuticals, surgical instruments, mining, and information technology.
In line with the vision of Prime Minister Shehbaz Sharif, Pakistan is accelerating its efforts to achieve the target of $2 billion in bilateral trade with Uzbekistan.
Mr Takhtayev reaffirmed his country’s resolve to deepen regional integration, stating that connecting the markets of Central and South Asia remained a central objective for both nations.
It was decided that a body should be set up that includes the Drug Regulatory Authority of Pakistan, its Uzbek counterpart and the PMA to bolster the pharma trade between the two countries. The issue of slow certification of Pakistani medicines in Uzbekistan was raised by pharmaceutical stakeholders. In response, SAPM Khan assured the stakeholders that the certification process would be expedited.
Aviation ties
Aviation connectivity was another significant point of discussion.
The Uzbek ambassador expressed his interest in initiating direct flights from Karachi to his country, highlighting the potential for enhanced trade and tourism.
SAPM Khan emphasised that Pakistan-Uzbekistan air links were essential for unlocking commercial and travel opportunities. He added that Uzbekistan could serve as a new gateway for travel between the Gulf region and Europe.
Banking cooperation
The meeting also underscored the urgent need to strengthen banking cooperation between the two countries. The Uzbek side pointed out that the existing banking barriers were affecting trade transactions. Pakistan reiterated that financial integration was essential to sustaining economic cooperation.
Representatives of the State Bank of Pakistan assured the other side that banking challenges would soon be resolved and shared that several local banks were ready to facilitate bilateral trade.
It was announced that the National Bank of Pakistan would open a branch in Uzbekistan, enabling smoother financial operations for businesses on both sides.
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