In an effort to strengthen economic cooperation, Pakistan and Kyrgyzstan on Wednesday recognised the significant potential for increasing trade between the two countries, which currently stands at just $8.63 million.
This discussion took place during a meeting between Pakistan's Federal Minister for Economic Affairs, Ahad Cheema, and Kyrgyzstan's Minister of Finance, Daniiar Amangeldiev, along with his delegation, on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit in Islamabad.
Pakistan's exports to Kyrgyzstan currently total $3.33 million, while imports from the Central Asian nation reached $5.3 million during the fiscal year 2022-23.
On the occasion, Cheema vowed to boost trade between Pakistan and Kyrgyzstan, highlighting the need to address the existing trade imbalance and improve these figures. He also extended his appreciation for Kyrgyzstan's participation in the 23rd Council of Heads of Government meeting of the SCO, according to a press release issued by the Economic Affairs Division (EAD).
The minister acknowledged the productive outcomes of the 4th Session of the Pak-Kyrgyz Inter-Governmental Commission (IGC) held in November 2023 and reaffirmed Pakistan's commitment to implementing the agreements reached during that session.
The two ministers also discussed potential sectors for mutual cooperation, including trade, agriculture, energy, mining, digital development, tourism, health, banking, and education. Cheema underscored the importance of convening Joint Working Groups (JWGs) to foster collaboration in key areas such as agriculture and trade.
Cheema expressed eagerness to host the upcoming 5th Session of the IGC in Islamabad, reiterating Pakistan's dedication to strengthening ties through this mechanism.
The meeting also focused on finalising the 'Transit Trade Agreement' and related MoUs aimed at enhancing cooperation in agriculture and trade.
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