CPEC has opened doors to Pak-Kyrgyz trade expansion, WealthPK reported on Friday.
Pakistan and Kyrgyzstan have had long-standing cultural, religious, and economic ties. Kyrgyzstan won its independence in 1991, ushering in a new era in Pakistan-Kyrgyzstan relations.
Pakistan recognized Kyrgyzstan almost immediately, and official diplomatic ties were established in 1992. In order to develop commercial and trade links, Pakistan and Kyrgyzstan work and cooperate in a variety of ways.
The opening of a branch of the National Bank of Pakistan in 2000 in Bishkek, Kyrgyzstan’s capital, is one such case. This NBP branch closed recently, while 22 Pakistani banks are still operating there.
Furthermore, bilateral ties have greatly strengthened, as both countries support and interact with one another at many international forums such as the OIC, UN, ECO, SCO, and others.
Kyrgyzstan is a major provider of hydroelectricity in Central Asia because of its abundant water resources.
Pakistan is expected to acquire 1300-megawatt hydel electricity from Kyrgyzstan and Tajikistan under the Central Asia South Asia Electricity Transmission and Trade Program (CASA-1000). By 2023, the project should be completed.
The Quadrilateral Traffic and Transit Agreement (QTTA) between Pakistan, China, Kyrgyzstan, and Kazakhstan, which is part of the China Pakistan Economic Corridor, offers an excellent communication network between Central Asia and Pakistan’s Gwadar port in the Arabian Sea, WealthPK reported.
Pakistan and Kyrgyzstan, two CAREC (Central Asia Regional Economic Cooperation) nations that are close neighbours, may considerably benefit from enhanced regional connectivity and trade. Both nations are growing economies with substantial agricultural bases and significant strategic benefits to offer the alliance.
Despite regular high-level active engagement with one another, trading volume is quite modest.
