Pakistan, Kazakhstan agree to enhance regional economic integration

 

ISLAMABAD, Sep 15 (Alliance News): Pakistan and Kazakhstan on Friday agreed to enhance regional economic and trade integration for increasing bilateral trade. Ambassador Extraordinary and Plenipotentiary of the Republic of Kazakhstan Yerzhan Kistafin called on Federal Minister for Commerce Dr Gohar Ejaz here.

Both sides expressed their commitment to fostering stronger economic ties with the aim of enhancing regional connectivity and boosting bilateral and transit trade, according to a press release issued here.

During the meeting, the minister highlighted Pakistan’s exports to Kazakhstan which currently stand at $150 million dollars.
Pakistan maintains a trade surplus with Kazakhstan, indicating favourable trade conditions and opportunities for further growth.

He said Kazakhstan, as the largest economy among the Central Asian republics, presents significant potential for economic cooperation. Kazakhstan boasts a substantial international trade volume.

Dr. Gohar Ejaz said both nations are actively considering a Transit Trade Agreement, with a commitment to expedite the signing process. The Quadrilateral Traffic in Transit Agreement is pivotal in facilitating trade between Pakistan and Kazakhstan, offering a shorter and more efficient transit route, he added

He said Pakistan expresses its keen interest in enhancing collaboration and trade in the pharmaceutical sector, recognizing the potential for growth and cooperation.

Ambassador Yerzhan Kistafin reciprocated with key insights and proposals, including highlighting Turkmenistan’s favorable tariffs, surpassing those offered by Uzbekistan, in an effort to further facilitate trade between the two nations.

He said Kazakhstan aims to develop textile cooperation with Pakistan, seeking to strengthen ties in this industry.
The proposal of establishing sister city relationships, such as Shymkent and Faisalabad, as well as Multan and Taras, reflects Kazakhstan’s commitment to fostering city-to-city ties.

Ambassador Yerzhan Kistafin expressed the need to finalize a Customs Agreement to streamline trade processes and also expressed his interest in developing trade routes to Africa via the Gwadar and Karachi seaports, showcasing the strategic potential of these ports.

Furthermore, the Ambassador conveyed the willingness of Kazakhstan’s Minister of Trade to visit Pakistan.
The trade minister will be accompanied by the Kazakh business community, to promote robust business-to-business trade.

Minister Gohar Ejaz called for collaboration in the fashion textiles and fashion design sectors to further boost bilateral trade.

This was reciprocated by the Ambassador with an offer from Kazakhstan’s Association of Craftsmanship, Singers, and Designers to visit Pakistan and showcase their work, fostering cultural exchange and trade.

This meeting between the Ambassador of Kazakhstan and the Federal Minister for Commerce signifies a significant step towards strengthening economic ties, enhancing regional connectivity, and promoting bilateral trade.

Both nations are committed to exploring avenues of collaboration that will benefit their economies and contribute to the prosperity of the region.

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