ISLAMABAD: In a bid to enhance economic cooperation, Pakistan and Kyrgyzstan on Wednesday acknowledged the significant potential for increasing trade between their nations, currently valued at just US$ 8.63 million.
This discussion took place during a meeting between Pakistan’s Federal Minister for Economic Affairs, Ahad Cheema, and Kyrgyz Republic’s Minister of Finance, Daniiar Amangeldiev, on the sidelines of the SCO Summit.
In the fiscal year 2022-23, Pakistan’s exports to Kyrgyzstan amounted to US$ 3.33 million, while imports from Kyrgyzstan reached US$ 5.3 million.
Cheema emphasized the need to boost trade figures and address the existing trade imbalance, expressing appreciation for the Kyrgyz delegation’s participation in the 23rd Council of Heads of Government meeting of the Shanghai Cooperation Organization (SCO) in Islamabad.
He also highlighted the positive outcomes of the 4th Session of the Pak-Kyrgyz Inter-Governmental Commission (IGC) held in November 2023 and reaffirmed Pakistan’s commitment to implementing the agreements reached.
Various sectors for mutual cooperation were discussed, including trade, agriculture, energy, mining, digital development, tourism, health, banking, and education. Cheema stressed the importance of establishing Joint Working Groups (JWGs) to promote collaboration in key areas such as agriculture and trade.
He expressed eagerness to host the upcoming 5th Session of the IGC in Islamabad, reiterating Pakistan’s dedication to strengthening ties through this mechanism.
The meeting also aimed to finalize the ‘Transit Trade Agreement’ and related Memoranda of Understanding (MoUs) for cooperation in agriculture and trade.
According to the Economic Affairs Division (EAD) press release, this productive discussion marks a significant step forward in enhancing economic ties between Pakistan and Kyrgyzstan, reflecting a shared commitment to collaboration and mutual growth.
