Pakistan, Kazakhstan aim to increase bilateral trade to USD 1 billion

Islamabad, Feb 4 (PTI) Pakistan and Kazakhstan on Wednesday signed 37 MoUs and agreements across various sectors as they aim to increase bilateral trade to USD 1 billion over the next year during Kazakhstan President Kassym-Jomart Tokayev’s two-day visit to the country.

The two sides also signed a joint declaration for the establishment of a strategic partnership between the two countries.

The developments came during the meeting between Prime Minister Shehbaz Sharif and Kazakhstan President Tokayev.

The memorandums of understanding (MoUs) and agreements are related to petroleum, mining and geo-sciences; maritime affairs; customs; railways; agriculture; artificial intelligence and digital development; health, education, and science and technology among others.

Addressing a joint press stakeout along with the Kazakh president, Prime Minister Sharif described the signing of the joint declaration as a “historic moment”.

He further said that Pakistan regarded Kazakhstan as a “strategic and one of the most valued partners in Central Asia”.

He also said that the two of them had “very useful and productive meetings since the morning”, and hoped that President Tokayev “will make sure that the MoUs are converted into agreements and then (move) to their implementation phase as early as possible”.

The prime minister also said that the trade volume between the two countries is USD 250 million at present, adding that it has been agreed to take the trade volume to USD 1 billion in the next one year.

“Let us make the commitment that we will take up our trade volume to USD 1 billion in the next year,” he said and explained that both countries will encourage their business communities to come forward and invest in joint ventures.

The two sides also signed a treaty on extradition and a transit trade agreement.

Sharif also congratulated President Tokayev for joining US President Donald Trump’s Board of Peace.

President Tokayev said in his address that he held substantial talks with PM Sharif on trade, transport and logistics, industry, energy, information technology, as well as cultural and humanitarian cooperation and the two sides signed important intergovernmental documents.

He said that the two countries “signed a historical document — a joint declaration — on establishing a strategic partnership between Pakistan and Kazakhstan”.

He added: “By elevating our relations to a new level, we open up immense opportunities to engage across the full spectrum of bilateral and multilateral agendas.” The Kazakh president vowed to increase trade to USD 1 billion, saying that more than 250 companies from both countries will come together and sign a number of commercial agreements on the occasion of the Kazakhstan-Pakistan Business Forum being held on Wednesday.

The Kazakh president arrived in Pakistan on Tuesday for a two-day official visit as the two nations seek to further bolster bilateral ties. It is the first time in 23 years that a Kazakh president was visiting the country.

Separately, Deputy Prime Minister and Foreign Minister Ishaq Dar also met with President Tokayev and welcomed him to Pakistan.

Also, Minister for Commerce Jam Kamal Khan held a comprehensive bilateral meeting with Kazakhstan’s Minister of Trade and Integration Arman Shaqqaliev, at the Ministry of Commerce in Islamabad on Wednesday.

Pakistan has also announced to confer the Nishan-i-Pakistan, the country’s highest civilian award, on the Kazakhstan president. PTI SH GSP GSP