ISLAMABAD: Pakistan is all set to sign the Transit Trade Agreement (TTA) with Uzbekistan in Tashkent on July 15, paving the best way for having entry for its merchandise to the 90 billion market of 5 Central Asian States. The signing of TTA would be the starting of Pakistan’s coverage to have regional connectivity.
Pakistan’s Prime Minister Imran Khan shall be in Tashkent to witness the signing ceremony of the Transit Trade Agreement with Uzbekistan. The Uzbekistan president would even be there. Pakistan’s premier will tackle a seminar on Trade and Investment on July 15 in Tashkent underneath the banner of Silk Route Reconnect.
Pakistan’s delegation of over 100 businessmen may even attain Tashkent to have B2B (enterprise to enterprise) conferences with their counterparts in Uzbekistan to discover the marketplace for their merchandise. Pakistan and Uzbekistan will maintain a joint ministerial convention on commerce and funding. In addition, technical-stage talks can be held between the 2 nations. The Pakistan-Uzbekistan Business Council would maintain its assembly on July 14 wherein Pakistan’s 100 businessmen, primarily from textile, pharmaceutical, agro-meals processing, engineering, electrical home equipment and companies sectors, would make B2B offers.
Adviser to Prime Minister on Commerce, Textiles and Investment Abdul Razak Dawood stated all this whereas speaking to The News in an unique interview. He stated the Transit Trade Agreement would assure free motion of Pakistani vehicles carrying items in Uzbekistan and Uzbek vehicles in Pakistan. The transit settlement can be ruled underneath the Convention of TIR (Transports Internationaux Routiers or International Road Transports).
Razak disclosed that Pakistan will present off-dock services to Uzbek merchants at Bin Qasim and Gwadar ports for reaching the markets of Middle East, India, Africa and different nations and in return Uzbekistan will present off-dock services to Pakistan in its border space adjoining Afghanistan. From there, Pakistan shall be in a position to attain markets of different Central Asian Republics.
He stated a number of the Central Asian Republics have approached Pakistan for transit commerce and Free Trade Agreements. However, Pakistan is at present focusing on Uzbekistan for the Transit Trade settlement and FTA.
He stated Uzbekistan is the gateway to vital Central Asian Republics reminiscent of Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan. More importantly, Uzbekistan can be the gateway for the Russian federation.
He stated Pakistan has proven readiness to sign the free commerce settlement (FTA) throughout the go to of the prime minister, however authorities in Uzbekistan appear not prepared. He stated underneath the FTA, Pakistan will get obligation reduction on its over 100 tariff strains and Uzbekistan on 37 tariff strains. The present bilateral commerce with Uzbekistan stands at simply 37 million , which is able to escalate manifold as soon as the FTA with Uzbekistan is signed. He, nonetheless, talked about that the overall commerce of Uzbekistan with the world stands at $30 billion out of which its exports are at $11 billion and imports stand at $19 billion.
