In a significant move to bolster economic ties, Pakistan and Kazakhstan signed 37 memorandums of understanding (MoUs) on February 4 during the two-day visit of Kazakhstan President Kassym-Jomart Tokayev. The agreements aim to elevate bilateral trade to USD 1 billion over the next year, reflecting a robust commitment to enhancing cooperation in multiple sectors. This partnership was solidified during a meeting between Tokayev and Pakistani Prime Minister Shehbaz Sharif.
The signed agreements cover a wide array of sectors, including petroleum, mining, agriculture, artificial intelligence, and digital development. During a joint press conference, Prime Minister Sharif described the signing of the joint declaration for a strategic partnership between the two nations as a "historic moment" that opens new avenues for collaboration. He expressed optimism that the MoUs would swiftly transition into actionable agreements.
- Trade volume target of USD 1 billion — Both nations commit to significantly increasing their current trade volume.
- Strategic partnership established — A joint declaration formalizes the strategic alliance between Pakistan and Kazakhstan.
- Focus on diverse sectors — Agreements span agriculture, technology, and energy sectors.
Prime Minister Sharif noted that the current trade volume stands at USD 250 million, indicating substantial growth potential. He encouraged business communities from both countries to engage in joint ventures and capitalize on the opportunities presented by these agreements. President Tokayev echoed this sentiment, stating that substantial discussions on trade, transport, and logistics were held, highlighting the importance of these sectors in fostering economic growth.
Additionally, the Kazakh president's visit marks the first by a Kazakh leader to Pakistan in 23 years, underscoring the importance of this diplomatic engagement. The two leaders also signed a treaty on extradition and a transit trade agreement, further solidifying their commitment to enhancing bilateral relations. As both nations aim to realize their trade potential, the upcoming Kazakhstan-Pakistan Business Forum will serve as a platform for further commercial agreements and collaborations.
