Pakistani PM arrives in Uzbekistan on Central Asia economic diplomacy tour

Pakistani PM arrives in Uzbekistan on Central Asia economic diplomacy tour
Prime Minister of Uzbekistan Abdulla Nigmatovich Aripov (second left) receives Pakistan’s Prime Minister Shahbaz Sharif (second right) upon his arrival in Tashkent, Uzbekistan, on February 25, 2025. (PID)
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Updated 27 min 6 sec ago
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Pakistani PM arrives in Uzbekistan on Central Asia economic diplomacy tour

Pakistani PM arrives in Uzbekistan on Central Asia economic diplomacy tour
  • Sharif’s visit will focus on strengthening connectivity, bilateral cooperation in trade, energy and defense sectors
  • Pakistan is seeking to leverage strategic position to become key trade and transit hub for landlocked Central Asia

ISLAMABAD: Prime Minister Shehbaz Sharif arrived in Uzbekistan on Monday for talks on trade, energy and defense ties as part of an economic diplomacy push to enhance investment with landlocked Central Asia.

Sharif’s trip to Tashkent follows a two-day visit to Baku during which Pakistan and Azerbaijan signed multiple agreements to enhance cooperation in the trade, energy, tourism and education sectors.

Pakistan is seeking to leverage its strategic position as a key trade and transit hub to connect the landlocked Central Asian republics to the global market. Since last year, there has been a surge in visits, investment talks and other economic activity between Pakistan and the Central Asia states. 

“Foreign minister of Uzbekistan Bakhtiyor Saidov received Prime Minister Shehbaz Sharif upon his arrival at Tashkent airport,” the premier’s office said in a statement. 

Pakistan and Uzbekistan are expected to sign a number of agreements during the visit, the Pakistani foreign office said on Monday. 

“Prime Minister of Pakistan and President of Uzbekistan, during bilateral meeting, would discuss all areas of bilateral cooperation including connectivity, economic, trade, investment, energy, defense and security, regional stability, and education,” the foreign office added. “The leaders would also exchange views on regional and international issues of mutual interest.”

The statement added that the visit highlighted Pakistan’s commitment to strengthen ties with Uzbekistan “through fostering greater economic collaboration and exploring new avenues of partnership, as part of the strategic vision for regional integration and economic prosperity.”

During the visit, Sharif will also address the Pakistan-Uzbekistan Business Forum in which leading businessmen from both sides will participate and hold business-to-business meetings. 

Uzbekistan is the largest consumer market and second biggest economy in Central Asia. It was the first Central Asian country with which Pakistan signed a bilateral Transit Trade Agreement (UPTTA) and a Preferential Trade Agreement (PTA) on 17 items.

In February 2023, Pakistan and Uzbekistan signed a $1 billion deal to boost bilateral trade, aiming to promote the exchange of goods and services. Last month, Uzbek Ambassador to Pakistan Alisher Tukhtaev also announced plans to launch direct flights from Uzbekistan to the southern Pakistani port city of Karachi.


Pakistan aims to increase bank account coverage to 75 percent in next three years

Pakistan aims to increase bank account coverage to 75 percent in next three years
Updated 12 min 8 sec ago
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Pakistan aims to increase bank account coverage to 75 percent in next three years

Pakistan aims to increase bank account coverage to 75 percent in next three years
  • Only 64 percent of adult population in Pakistan currently have bank accounts
  • Pakistan has been making efforts to document its economy to broaden tax base

KARACHI: Pakistan’s central bank has set a target to increase bank account coverage in the country to 75 percent of the adult population in next three years, its governor said on Tuesday, aiming to reduce the gender gap to 25 percent by 2028.
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations, with around 64 percent of its adult population having a bank account, according to central bank figures.
This has increased from only 47 percent in 2018, while the gender gap has also been narrowed from 47 percent to 34 percent in recent years.
Speaking at the Pakistan Banking Summit 2025, State Bank of Pakistan (SBP) Governor Jameel Ahmad said financial inclusion was one of the core functions of the central bank.
“To achieve these ambitious targets, we want to enhance the depth, breadth, and quality of financial services, particularly for low-income individuals, the microfinance sector, SMEs (small, medium enterprises) and agriculture,” he said.
The development comes as part of the SBP’s Strategic Vision 2028, which focuses on promoting inclusive and sustainable access to financial services, building an innovative digital financial ecosystem, and enhancing efficiency, fairness and stability of the financial system.
Ahmad called on the banking industry to reassess its business strategy to “focus on mobilizing deposits and increasing credit to the private sector particularly the SMEs and agriculture sectors.”
“Our banks need to rethink their current business model, reassess their priorities, and play a more active role in financial intermediation,” he said.
Pakistan, which has faced an economic meltdown in recent years, is currently undertaking reforms to document and digitize economy and broaden its tax base.
The central bank chief urged the banking industry to increase their usage of artificial intelligence, based on cellular and satellite data, to provide cost-effective alternative delivery channels to enhance access, usage and quality of financial services.
He reiterated the need to “work on a war footing” to help businesses digitize their payments by providing digital transactional access, preferably via secure portals.


Pakistan, Russia activate anti-terrorism dialogue to counter security concerns

Pakistan, Russia activate anti-terrorism dialogue to counter security concerns
Updated 25 February 2025
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Pakistan, Russia activate anti-terrorism dialogue to counter security concerns

Pakistan, Russia activate anti-terrorism dialogue to counter security concerns
  • Both nations have been targeted by armed militant networks and tried to deal with the threat
  • Russia has also invited Pakistani officials to participate in its anti-narcotics training programs

ISLAMABAD: Pakistan and Russia agreed to activate their bilateral anti-terrorism dialogue during a meeting between Interior Minister Mohsin Naqvi and Russian Ambassador Albert P. Khorev on Tuesday, according to an official statement from the interior ministry.

Both nations have been grappling with threats from armed militant groups. Pakistan has complained of “cross-border” attacks by the banned Tehreek-e-Taliban Pakistan (TTP) originating from Afghanistan, allegations denied by Kabul’s interim Taliban administration.

The country has also been targeted by ethnic Baloch separatists, who accuse the state of exploiting Balochistan’s rich mineral resources without benefiting local communities. The Pakistani government, however, says it has launched several development projects in the region to improve the quality of life for its residents.

Russia has also faced terrorism on its soil. On March 22, 2024, a deadly attack occurred at the Crocus City Hall concert venue near Moscow, killing over 140 people and injuring many others. The attack, claimed by Daesh militants, was one of the deadliest in Russia in recent years.

“Terrorism is an international challenge, and only through multifaceted joint efforts can this menace be controlled,” Naqvi said, according to his ministry’s statement.

During the meeting, both sides discussed enhancing cooperation in counter-terrorism and anti-narcotics efforts.

They agreed to increase mutual exchanges of delegations to strengthen collaboration further.

Russian Ambassador Khorev also extended an invitation for Pakistani officers to participate in anti-narcotics training programs in Moscow and Siberia.

“We will promote mutual contacts to further strengthen relations with Russia,” Naqvi said, emphasizing the broad opportunities for bilateral cooperation across various sectors.


Rain washes out Champions Trophy match between South Africa and Australia in Rawalpindi

Rain washes out Champions Trophy match between South Africa and Australia in Rawalpindi
Updated 25 February 2025
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Rain washes out Champions Trophy match between South Africa and Australia in Rawalpindi

Rain washes out Champions Trophy match between South Africa and Australia in Rawalpindi
  • The pitch remained under covers at the Rawalpindi Cricket Stadium throughout the day because of a persistent light drizzle
  • Both unbeaten teams go into their last Group B game with a chance to qualify for semifinals with three points already secured

RAWALPINDI: Rain washed out the Champions Trophy game between South Africa and two-time winner Australia on Tuesday without a ball being bowled.
The pitch remained under covers at the Rawalpindi Cricket Stadium throughout the day because of a persistent light drizzle before umpires called off the game shortly after 5 p.m. local time.
Both unbeaten teams go into their last Group B game with a chance to qualify for the semifinals with three points already secured. Australia plays against Afghanistan at Lahore on Friday while South Africa meets England at Karachi on Saturday.
South Africa and Australia began their campaigns by posting 300-plus scores against Afghanistan and England, respectively.
Australia, coming into the Champions Trophy without three frontline fast bowlers, made the tournament’s highest-ever chase of 352 on the back of Josh Inglis’ century against England at Lahore.
South Africa registered an emphatic 107-run win over Afghanistan at Karachi after Ryan Rickelton made his maiden ODI hundred in a strong total of 315-6.
New Zealand and India have already qualified for the semifinals after winning both their Group A games against Pakistan and Afghanistan.
England will take on Afghanistan in a must-win game for both teams to stay in semifinal contention in Lahore on Wednesday.


Pakistan, Iran sign agreement to take bilateral trade volume to $10 billion

Pakistan, Iran sign agreement to take bilateral trade volume to $10 billion
Updated 25 February 2025
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Pakistan, Iran sign agreement to take bilateral trade volume to $10 billion

Pakistan, Iran sign agreement to take bilateral trade volume to $10 billion
  • The development comes amid Pakistan’s efforts to increase trade as it treads a tricky path to economic recovery
  • The volume of bilateral trade between Pakistan and Iran reached $2.8 billion in the last fiscal year that ended in June

ISLAMABAD: Pakistan and Iran have signed a memorandum of understanding (MoU) aimed at taking bilateral trade volume to $10 billion, Pakistani state media reported on Tuesday.
The development comes amid Pakistan’s efforts to increase trade and investment as it treads a tricky path to economic recovery under a $7 billion International Monetary Fund (IMF) program, secured in September.
The volume of bilateral trade between Pakistan and Iran reached $2.8 billion in the last fiscal year that ended in June, the state-run Radio Pakistan broadcaster reported.
“The MoU was signed during a high-level meeting between the Federation of Pakistan Chambers of Commerce and Industry and Iran’s Mashhad Chamber of Commerce and Industry,” the report read.
“During the meeting, Iran also assured Pakistan of reducing business visa fees and facilitating trade activities.”
Pakistan and Iran have often been at odds over instability along their shared, porous border and routinely trade blame for not rooting out militancy. Tensions surged in January last year when Pakistan and Iran exchanged airstrikes, with both claiming to target alleged militant hideouts in each other’s territory.
Iran’s late president Ebrahim Raisi toured Pakistan in April 2024 as both countries sought to mend ties after unprecedented tit-for-tat military strikes.
During Raisi’s three-day visit, the two governments signed MoUs and agreements covering different fields including trade, science and technology, agriculture, health, culture and judicial matters.
Raisi had said that the volume of trade between the two countries was “not acceptable at all” and that they should enhance bilateral trade to $10 billion.


Bangladesh and Pakistan begin direct government-to-government trade

Bangladesh and Pakistan begin direct government-to-government trade
Updated 25 February 2025
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Bangladesh and Pakistan begin direct government-to-government trade

Bangladesh and Pakistan begin direct government-to-government trade
  • Senior food ministry official says Bangladesh is importing 50,000 tons of rice from Pakistan
  • Private Bangladeshi companies have imported Pakistani rice for years via countries like Sri Lanka

DHAKA: Bangladesh and Pakistan have started direct government-to-government trade after decades of troubled relations with imports of 50,000 tons of rice, Dhaka said Tuesday.
The two countries were once one nation but split in a brutal 1971 war, with Bangladesh drawing closer to India.
However, long-time Bangladeshi prime minister Sheikh Hasina was ousted in an August 2024 revolution, fleeing by helicopter to her old ally India, where she has defied extradition requests to face charges of crimes against humanity.
Relations between India and Bangladesh’s new government have been frosty since then, allowing Islamabad and Dhaka to rebuild ties slowly.
Direct private trade between the countries restarted in November 2024, when a container ship sailed from Pakistan’s Karachi to Bangladesh’s Chittagong.
It was the first cargo ship in decades to sail directly between the countries.
“For the first time we are importing 50,000 tons of rice from Pakistan, and it is the first government-to-government deal between the two countries,” Ziauddin Ahmed, a senior official at the food ministry in Dhaka, said Tuesday.
Bangladesh’s Directorate General of Food signed a memorandum of understanding with the state-owned Trading Corporation of Pakistan (TCP) in January for rice imports.
Ahmed said trade with Pakistan offers a “new avenue of sourcing and competitive pricing,” with state authorities in recent years importing the staple from India, Thailand and Vietnam.
Imports are critical to low-lying Bangladesh, a nation that is among the world’s most vulnerable to climate change, with large areas made up of deltas where the Ganges and the Brahmaputra rivers wind toward the sea.
The country of 170 million is particularly at risk of devastating floods and cyclones — disasters that only stand to accelerate as the planet keeps warming.
Private Bangladeshi companies have imported Pakistani rice for years, but Pakistani goods previously had to be off-loaded onto feeder vessels — usually in Sri Lanka, Malaysia or Singapore — before traveling on.
India and Pakistan — carved out of the subcontinent at the chaotic end of British colonial rule in 1947 — have fought multiple wars and remain bitter foes.
Meanwhile, China is wooing Bangladesh’s leaders, with members of the powerful Bangladesh National Party (BNP) on a visit to Beijing, the latest group offered a tour after trips by members of the Jamaat-e-Islami and other Islamist parties.
India has long been wary of China’s growing regional clout and the world’s two most populous countries compete for influence in South Asia, despite a recent diplomatic thaw.
China said this month that it was preparing dedicated hospitals for Bangladeshi patients after relations soured with India, which was once a major health care destination for them.