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.
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. —APP