Pakistan and Kyrgyzstan pledge to enhance bilateral trade relations, currently valued at $8.63 million, fostering cooperation in key sectors.
Pakistan and Kyrgyzstan are taking concrete steps to strengthen their trade relations, with both nations committed to boosting trade beyond its current value of $8.63 million. Federal Minister for Economic Affairs Ahad Cheema and Kyrgyz Finance Minister Daniiar Amangeldiev met in Islamabad to discuss strategic areas for cooperation, particularly in trade, agriculture, energy, and more. This meeting highlights the shared commitment between these two nations to enhance bilateral trade relations for mutual economic growth.
1. Current Trade Overview
The bilateral trade between Pakistan and Kyrgyzstan is valued at $8.63 million, a figure both countries agree needs improvement. Federal Minister Ahad Cheema emphasized that there is significant room to expand trade relations and address the trade imbalance that currently exists.
Key Sectors for Growth
During their discussions, both ministers identified multiple sectors where trade can be increased, including:
- Agriculture
- Energy
- Digital development
- Tourism
- Banking
- Health
2. Significance of SCO Participation
The participation of the Kyrgyz delegation in the 23rd Council of Heads of Government meeting of the Shanghai Cooperation Organization (SCO) held in Islamabad underscores the importance of their ongoing cooperation. Minister Cheema expressed his appreciation for this, marking it as a milestone for further collaborative efforts.
3. Outcomes of the 4th Pak-Kyrgyz Inter-Governmental Commission Session
Both sides acknowledged the positive outcomes of the 4th Session of the Pak-Kyrgyz Inter-Governmental Commission (IGC), held in November 2023. Minister Cheema reaffirmed Pakistan’s dedication to following up on agreements made during the session and looked forward to hosting the 5th IGC Session in Islamabad.
4. Focus on Key Agreements | Pakistan Kyrgyzstan Bilateral Trade
One of the key takeaways from the meeting was the importance of finalizing the Transit Trade Agreement and related MoUs focused on trade and agriculture. These agreements are crucial in creating a more streamlined trade process between the two nations.
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5. Importance of Joint Working Groups (JWGs) | Pakistan Kyrgyzstan Bilateral Trade
Minister Cheema stressed the importance of forming Joint Working Groups (JWGs) to enhance cooperation in critical sectors such as agriculture and trade. These groups are expected to streamline efforts and foster closer ties, benefiting both economies.
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Conclusion | Pakistan Kyrgyzstan Bilateral Trade
The meeting between Pakistan and Kyrgyzstan marks a significant step in enhancing economic cooperation and trade relations. With both sides showing commitment to increasing the value of bilateral trade, the future looks promising for these nations as they work together for mutual economic growth.
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