Translation:They trust each other.
So chuq translates as each other and voq is trust. Does this mean Voq's pongwlj'e means "trust?"
I don't know. Does John's name mean "toilet"? Does Rich's name mean "wealthy"? Sometimes a name is just a name. But I suppose it's possible that his parents were thinking that he would grow up to be a very trusting person when they named him.
Note that pongwIj (with or without the -'e') means "my name", so you have said "voq's my name". To specify an owner who is not you or me, you just put the name in front of the thing owned: voq pong ("Voq's name").