Around $50 mln deals signed at Pak-Uzbekistan Business Forum: Senate informed

Around $50 mln deals signed at Pak-Uzbekistan Business Forum: Senate informed

ISLAMABAD, Dec 22 (APP):Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Wednesday informed the Upper House that a Pak-Uzbekistan Business forum was held in July this year at Tashkent for bilateral trade promotion.

During a question-hour session, he said more than 2,000 business meetings had taken place during the forum that helped in signing approximately $50 million agreements and deals, besides 14 other Memorandums of Understandings.

Abdul Razak said besides the business forum, the two sides also signed the agreement between Uzbekistan and Pakistan on Transit Trade (AUPTT) on July 15 this year.

About the salient features of AUPTT, he said that transit trade between Uzbekistan and Pakistan would take place along pre-determined routes and only utilizing specified ports and border crossings.

The adviser said Uzbekistan and Pakistan were obligated to ensure that suitable infrastructure and personnel were available at border crossings and would provide separate spaces for off-dock terminals and warehousing, at entry/exit points and other customs notified places, on reciprocal basis.

While each country remained responsible for licensing transport operators like trucking firms registered in their territory, Uzbekistan and Pakistan would issue Road Transport Permits on the basis of which, transport operators would be able to transport goods through the other country’s territory.

Uzbek trucks may carry goods via Pakistan to sea ports rather than having to re-load them onto Pakistani trucks at the Afghanistan-Pakistan border and vice versa, he added.

He said the Uzbek government would recognize Pakistani driver’s licenses and vehicle registration documents, and vice versa while the Uzbek and Pakistani governments would expedite and simplify the process for awarding multiple-entry visas to truck drivers from one another’s countries.

With the exception of selected perishable items, goods transiting through Uzbekistan and Pakistan would be stored in sealed containers meeting international specifications, the adviser added.

He said the Uzbekistan-Pakistan Transit Trade Coordination Committee (UPTTCC), which would be established under the AUPTT, would be responsible for monitoring and facilitating the implementation of the agreement.

Abdul Razak said moreover, as per article 40 (1) of AUPTT, each contracting party would notify the other party in writing regarding completion of its internal legal procedures necessary for the entry into force of the Agreement.

As of now, he said the Federal Board of Revenue has notified its rules for the implementation of the agreement. However, Uzbekistan has been requested diplomatically to notify its rules so that the agreement may be opertionalized.