Pakistan, Kyrgyzstan sign agreement to boost bilateral trade to $200m in two years

AI Summary

Pakistan and Kyrgyzstan signed an agreement in Bishkek to increase bilateral trade from $16 million to $200 million within two years, promoting practical measures including improved trade mechanisms, investment projects, and regional connectivity via transit trade agreements.

Pakistan and Kyrgyzstan signed an agreement on Wednesday to boost their bilateral trade to $200 million in two years. The agreement was signed in Bishkek before Prime Minister Shehbaz Sharif and his delegation wound up their three-day visit to Kyrgyzstan. Addressing the signing ceremony, PM Shehbaz said the two sides had initially signed a memorandum of understanding (MoU) to expand their bilateral trade to $200m. But, he continued, “I suggested that an agreement should be signed instead of an MoU as it would be a concrete step to achieve [the target of] $200m trade.” The prime minister said he requested Kyrgyz President Sadyr Zhaparov to consider this possibility and he agreed. Subsequently, an agreement was signed at the airport, he added. Earlier in the day, the PM addressed a joint briefing alongside the Kyrgyz president, where he had announced the plan to expand bilateral trade between the two countries. “To this end, we will be working on a comprehensive plan of practical measures aimed at gradually increasing bilateral trade to $200 million, improving trade mechanisms, promoting joint investment projects, strengthening industrial cooperation and expanding direct business-to-business contacts,” he said after the two countries signed multiple memoranda (MoU) of understanding. He said he had noted during their meeting prior to the briefing that currently, bilateral trade between Pakistan and Kyrgyzstan stood at around $16 million, which, he said, was “not a patch on our friendship and our very strong relations.” He recalled that during his talks with President Zhaparov, he had noted that “our present-day bilateral trade stands at around $16m, which is not a patch on our friendship and our very strong relations”. “Today, we should have signed not an MoU but an agreement to make sure that in the next two years we increase our bilateral trade from $16m to $200m per annum. And this is not a very difficult task. Let us convert this MoU straight away into an agreement, if you kindly agree, after this meeting,” he added. He said the two had held talks focused on economic cooperation and agreed that “our economic partnership must now move to a more practical and result-oriented stage”. The prime minister further stated, “We welcome greater engagement between Pakistani businesses and financial institutions and their Kyrgyz counterparts to carry forward our shared vision of enhancing our bilateral economic cooperation.” PM Shehbaz said connectivity remained central to the two countries’ shared vision of closer economic integration between South and Central Asia. “We welcome the signing of the agreement on transit trade, which will help facilitate trade, improve logistics and create new opportunities for regional connectivity,” he added. He said the two sides had also reaffirmed the importance of effectively implementing the quadrilateral agreement on traffic and transit and agreed to work towards simplifying transport, customs and administrative procedures. “Energy cooperation is another very important pillar of our partnership,” he said, adding that the two sides had reaffirmed the importance of timely implementation of the Casa-1000 project and welcomed the establishment of a joint working group on energy to develop practical cooperation in the areas of electricity, hydropower, renewable energy, energy infrastructure and modern technologies. “I am pleased that our two sides have expanded cooperation in education, science and technology, health, culture and tourism,” he further stated. “We warmly welcomed the establishment of sister-city ties between Osh and Lahore,” he said, describing them as two ancient cities whose iconic landmarks reflected their rich history and cultural heritage. PM Shehbaz said security and defence cooperation had also featured prominently in their discussions. The two sides reaffirmed their resolve to strengthen cooperation in the fight against terrorism, extremism and other contemporary threats, he added. The two leaders also discussed regional and international issues of mutual concern, in addition to bilateral matters, PM Shehbaz said. The prime minister said the two sides had agreed to deepen cooperation on environmental issues and concurred that effective multilateralism was key to resolving the priority issues of the day and achieving global peace and security. “We remain committed to working together at the UN and other multilateral fora,” he said. “Pakistan regards the Kyrgyz Republic as its most important and valued partner in Central Asia, and we mean it.” He told President Zhaparov he hoped that his visit marked the beginning of many more such interactions between the two countries. PM Shehbaz also invited President Zhaparov to visit Pakistan at a mutually convenient time. Earlier in his address, he thanked the Kyrgyz president and the government and people of Kyrgyzstan for a “warm welcome and generous hospitality extende