ISLAMABAD: In a bid to boost economic cooperation, Pakistan and Kyrgyzstan here on Wednesday recognized significant potential for increasing trade between the two countries, which currently is valued at just US$ 8.63 million.
The discussion for improving bilateral trade was made during a meeting between Federal Minister for Economic Affairs Ahad Cheema and Minister of Finance of the Kyrgyz Republic, Daniiar Amangeldiev and his delegation on the sidelines of SCO Summit.
Pakistan’s exports to Kyrgyzstan stand at US# 3.33 million, while imports from the Central Asian nation reached US$ 5.3 million in the fiscal year 2022-23
On the occasion, Cheema vowed to enhance trade between Pakistan and Kyrgyzstan and highlighted the need to enhance these figures and address the existing trade imbalance.
He expressed appreciation for the Kyrgyz delegation’s participation in the 23rd Council of Heads of Government meeting of the Shanghai Cooperation Organization (SCO) in Islamabad, according to press release issued by Economic Affairs Division (EAD).
The Minister acknowledged the productive outcomes of the 4th Session of the Pak-Kyrgyz Inter-Governmental Commission (IGC) held in November 2023 and reaffirmed Pakistan’s commitment to following up on these agreements.
Moreover, various sectors for mutual cooperation were discussed, including trade, agriculture, energy, mining, digital development, tourism, health, banking, and education.
He also emphasized on the importance of convening Joint Working Groups (JWGs) to foster collaboration in key sectors such as agriculture and trade.
The Minister expressed eagerness to host the upcoming 5th Session of the IGC in Islamabad and reiterated Pakistan’s dedication to strengthening ties through this mechanism.
The meeting also focused on finalizing the ‘Transit Trade Agreement’ and related MoUs for cooperation in agriculture and trade.
According to EAD press release, this fruitful discussion marks a significant step forward in enhancing economic ties between Pakistan and the Kyrgyz Republic, reflecting a shared commitment to collaboration and mutual growth.
