ISLAMABAD, JULY19: ISLAMABAD: In an effort to increase trade with Central Asian nations, Turkmenistan’s Foreign Minister Rasit Meredow announced on Friday that he will be visiting Pakistan for two days, from July 22 to 24.
Pakistan aspires to capitalize on its geopolitical strategic location and strengthen its position as a vital hub for trade and transportation linking the landlocked Central Asian countries with the global economy. Meetings with leaders from Uzbekistan and Azerbaijan have been among the flurry of visits, investment discussions, and economic activity between Pakistan and Central Asian governments in recent months.
At a weekly press briefing on Friday, Mumtaz Zahra Baloch, a spokesperson for the foreign office, said that Foreign Minister Rasit Meredown would be visiting Pakistan from July 22–24.”He will call on the leadership of Pakistan and hold extensive talks with Ishaq Dar, the Foreign Minister and Deputy Prime Minister.” According to the FO, the discussions would address “all aspects of bilateral relations” in addition to national and international events.
Central Asian nations, which are resource-rich but landlocked, want improved access to regional markets, particularly those in Pakistan, China, India, and West Asia. In the meantime, increasing trade with Central Asia can help Pakistan meet its massive energy needs. In addition, the China-Pakistan Economic Corridor project offers Central Asian states a critical chance to more readily transit their commodities in regional and international markets. Beijing has committed to investing approximately $65 billion in energy, infrastructure, and other programs in Pakistan.
In order to sustain its frail $350 billion economy in the face of a severe balance of payments crisis brought on by skyrocketing inflation and mounting external debt, Islamabad is looking to strengthen trade and investment ties with friends.
The negotiations between Pakistan and the International Monetary Fund (IMF) ended last week with an agreement for a $7 billion, 37-month loan. The talks had begun in May after Islamabad finished a $3 billion, short-term program that assisted in stabilizing the economy and preventing a sovereign debt default.
