ISLAMABAD, Dec 23 (APP): Federal Minister for Economic Affairs, Sardar Ayaz Sadiq here on Friday highlighted the importance of developing a plan of action for improving trade between Pakistan and Kazakhstan, which is a far blow to its potential.
Addressing the Pakistan-Kazakhstan Inter-Governmental Joint Commission (IJC), the minister said the trade volume between the two countries was recorded at just $163 million in 2022, including $163 million exports from Pakistan and $56 imports from Kazakhstan.
He said, there was a lot of potential available that needs to be explored and highlighted that both countries should develop a plan of action to raise the trade volume through enhanced trade activities and the removal of trade barriers.
He said holding frequent joint business council meetings and facilitating businesses to introduce products into each-others markets could also play a vital role in promoting the trade.
The minister expressed the hope that early finalization and signing of a transit trade agreement between the two sides would further enhance bilateral trade.
Inter-Governmental Joint Commission.
The minister said, Pakistan and Kazakhstan enjoy good cordial relations that would be further strengthened through this forum, which was established back in 1993.
He said, IJC resulted in enhancing bilateral relations between the two countries in various fields including trade, investment, cultural exchange and tourism.
He expressed the hope that IJC would provide a solid base to consolidate relations to move forward for capitalization of economic opportunities available including investment, and trade to benefit people.
He said, business and investment in Pakistan have improved and various agreements with Kazakhstan would further help enhance it.
He said, the promotion of tourism and culture was also a priority of the Pakistan government as Pakistan was a beautiful place with huge diversity, having 5 out of 14 highest peaks of over 8000 meters. He invited Kazakhstan in the tourism sector.
He also underlined the need for cooperation in agriculture research as the economy of both countries has a dependence on agriculture.
He said cooperation could be enhanced for value addition, processing and joint ventures.
He said cooperation could also be enhanced in the higher education sector by the exchange of faculty and students besides the signing of agreements between various universities.
Inter-Governmental Joint Commission.
He said, Pakistan attaches importance to a peaceful environment in the neighborhood and invited Kazakhstan to be part of China Pakistan Economic Corridor (CPEC) and benefit from it.
He said, there was also a need to have connectivity through rail, road, and air besides cooperating in tapping the potential of natural resources and precious metals.
