Pakistan, Kyrgyzstan Sign $200 Million Trade Deal

Pakistan and Kyrgyzstan have signed an agreement to growth bilateral trade from around $16 million at present to $200 million a year within the next two years, giving fresh momentum to economic ties between the two countries.

Key points

• The agreement was signed in Bishkek on Wednesday in the presence of Prime Minister Shehbaz Sharif and Kyrgyz President Sadyr Zhaparov.
• Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
• Kyrgyz President Zhaparov remarked Pakistan's seaports could provide Kyrgyzstan with an notable route to South Asian markets and wider international trade.
• Another potentially significant development is cooperation involving Kyrgyzstan's Tamchy Special Financial Investment Territory.
• Add as a preferredSource on Google Follow on Google News Join WhatsApp.

For context, the agreement was signed in Bishkek on Wednesday in the presence of Prime Minister Shehbaz Sharif and Kyrgyz President Sadyr Zhaparov. Shehbaz remarked he had pushed for an agreement instead of a memorandum of understanding to produce the $200 million trade target a concrete commitment. Naya Nazimabad REIT Book Building Gets 8x Oversubscribed.

Meanwhile, the prime minister remarked the two countries would prepare a practical plan to expand trade, improve trading mechanisms, promote joint investment and industrial projects and rise direct contacts between businesses. He described the current trade volume of around $16 million as far below the level warranted by the strength of bilateral relations.

Meanwhile, the two leaders agreed that economic cooperation should move toward a more practical and results focused stage. Kyrgyzstan remarked it was ready to pursue joint projects in pharmaceuticals, agriculture, energy, light industry, tourism, the digital economy and virtual assets.

Meanwhile, a major focus of the agreement is connectivity. The two sides signed a transit trade agreement aimed at facilitating the movement of goods, improving logistics and creating stronger trade links between South and Central Asia. They additionally agreed to simplify transport, customs and administrative procedures and rise freight movement between the two countries.

Kyrgyz President Zhaparov remarked Pakistan's seaports could provide Kyrgyzstan with an notable route to South Asian markets and wider international trade. The two sides additionally agreed to produce greater employ of multimodal transport and Pakistan's ports to expand Kyrgyzstan's trade and transit options. SBP Tells Banks and Fintechs Rapidly Expand Digital Credit.

Investment and industrial cooperation are additionally anticipated to become major parts of the new economic partnership. The joint statement pressed greater cooperation in mining and processing, agriculture, food, textiles, light industries, pharmaceuticals, halal products and digital technologies, with an emphasis on joint ventures, local production and technology transfers.

Meanwhile, the two countries additionally signed a memorandum on virtual assets. It they stated could backing cooperation between their financial markets, create a secure and transparent digital asset ecosystem and encourage cross border investment and technological innovation.

In practice, the two sides expressed interest in linking the platform with Pakistani banks, investment funds, financial institutions and businesses to develop joint investment projects, financial instruments and digital solutions.

In practice, the leaders additionally reaffirmed cooperation in energy, including the timely implementation of the CASA 1000 project and the establishment of a joint working group covering electricity, hydropower, renewable energy, energy infrastructure and modern technologies. Local Banks Attract Rs. 13 Billion Deposits per Day in July.

In total, 17 bilateral documents were signed during Prime Minister Shehbaz's visit, covering areas including transit trade, virtual assets, medical education, education, climate change, security, extradition, postal services, e-commerce and business cooperation. The two countries additionally agreed to establish sister city ties between Lahore and Osh. Stay Connected with ProPakistani.

Obtain the latest business news, market insights, and economic updates wherever you prefer. Follow on Google Discover.

Taken together, the developments around pakistan, Kyrgyzstan Sign $200 Million Trade Deal point to a situation that is still moving, and the coming days should bring more clarity.