Shams Abbasi
ISLAMABAD, Feb 24 (APP): Pakistan and Kazakhstan have agreed to enhance their bilateral trade to $1 billion within the next two years, focusing on trade diversification and expanding cooperation across multiple sectors of their economies.
The understanding was reached during the recent visit of Kassym-Jomart Tokayev to Pakistan earlier this month.
Both sides emphasized that stronger private-sector engagement and institutional collaboration would be key to achieving the ambitious trade target.
President Tokayev’s visit marked a significant milestone in Pakistan-Kazakhstan relations, being the first visit by a Kazakh president to Pakistan in 23 years.
During the visit, the two countries signed 37 Memorandums of Understanding (MoUs) and agreements, along with a Joint Declaration on the “Establishment of Strategic Partnership,” aimed at opening new avenues for cooperation.
Emphasizing connectivity and regional economic integration, the leadership of both countries stressed the need to enhance regional connectivity and transport linkages, including road, rail, air, and maritime cooperation.
They underscored the importance of transit trade arrangements and regional corridors in promoting economic integration and shared prosperity.
Pakistan’s geo-strategic location and Kazakhstan’s position as a leading economy in Central Asia were highlighted as complementary strengths that could facilitate commodity trade and broader regional economic integration.
Both sides also agreed to convene the Pakistan–Kazakhstan Business Forum and enhance cooperation between their respective chambers of commerce to support increased trade and investment flows.
A wide range of agreements were signed and the two countries finalized agreements in diverse fields, including transit trade, customs cooperation, extradition, petroleum and mining, plant protection and quarantine, climate change, healthcare, railways, IT and digital development, maritime affairs, and cultural collaboration.
Key institutional agreements included cooperation between the State Bank of Pakistan and Kazakhstan’s financial regulatory authority, as well as partnerships involving the Pakistan Agricultural Research Council and Kazakh agricultural institutions.
Academic and research collaboration was also strengthened through agreements involving the International Islamic University Islamabad and Quaid-i-Azam University, alongside several leading Kazakh universities.
A sister-city agreement between Faisalabad and Shymkent was also concluded.
Additionally, cooperation frameworks were signed in areas such as artificial intelligence, digital development, veterinary medicine, peacekeeping missions, postal services, broadcasting, crime prevention, and professional development.
Meanwhile business community welcomes these initiatives and speaking to APP, President of the Islamabad Chamber of Commerce and Industry, Sardar Tahir Mehmood, said the leadership of both countries is committed to strengthening bilateral economic and trade ties.
He termed the $1 billion trade target achievable, stressing the need for effective trade diversification and a comprehensive short-, medium-, and long-term strategy.
Similarly, the President of the Rawalpindi Chamber of Commerce and Industry, Usman Shoukat, welcomed the recent developments and noted that both countries possess significant potential to expand bilateral trade.
He reaffirmed RCCI’s commitment to playing an active role in boosting economic cooperation between the two nations.
Both sides reiterated their shared commitment to expanding cooperation in political, economic, defense, and people-to-people domains, expressing confidence that the outcomes of the visit would further strengthen the strategic partnership between Pakistan and Kazakhstan.