Trade and economic ties are gradually expanding between Pakistan and Kazakhstan, and in a recent development, Islamabad has sent its first transit consignment to the Central Asian nation via the historic Silk Route.
The two sides ushered in a new era of trade border trade was started under Quadrilateral Traffic in Transit Agreement (QTTA) signed between Pakistan, Kazakhstan, China, and Kyrgyzstan.
Two sides also marked the start of a new era at the Silk Route Dry Port (SRDP) which is located near Khunjerab Pass. The Ambassador of Kazakhstan to Pakistan, Gilgit Baltistan Commerce Minister, Collector Customs, and other officials attended the ceremony.
The first transit consignment will move through China to Almaty, Kazakhstan’s trading hub. The new route cuts trade time and costs and is said to be a promising avenue for regional nations including Pakistan.
As of June 2023, trade volume between the two sides stands at $219 million, which experts say is less than its true potential as the South Asian nation shares a huge market with the EU, Gulf regions, and the US.
Under the Quadrilateral Traffic in Transit Agreement (QTTA), the two sides can rake in historic gains with trade between Central Asia and the Gwadar Port.
Pakistan and Kazakhstan earlier signed several agreements to promote trade, investment, and economic cooperation. Key areas of collaboration include agriculture, energy, pharmaceuticals, textiles, and tourism.
Source: Daily Pakistan