Uzbekistan and Iran set goal to boost annual trade turnover to $1 billion
Uzbekistan and Iran Agree to Increase Mutual Trade
On May 31st, Uzbekistan and Iran held their 15th meeting of the intergovernmental commission on trade-economic and scientific-technical cooperation. The two countries discussed the current state and prospects for the development of mutually beneficial cooperation in the investment, trade-economic, transport-logistics sectors, and industrial cooperation. The positive dynamics of trade-economic cooperation over the last three years was noted, with mutual trade almost doubling. The meeting emphasized the importance of building up cooperation in this direction. In addition, the parties expressed their readiness to increase the volume of mutual deliveries of chemical industry products, equipment, building materials, silk, textiles, electrical engineering, and food products.
To ensure sustainable growth in trade, the parties agreed to sign a practical measures program to bring trade to $1 billion a year and to accelerate the adoption of the Preferential Trade Agreement. Made in Iran and Made in Uzbekistan exhibitions will be held on a reciprocal basis in the territories of both countries. In addition, a working group will be created to identify and eliminate barriers to mutual trade.
Further steps to develop investment cooperation and industrial cooperation were discussed. The number of enterprises with Iranian capital in Uzbekistan has tripled in the last five years, up to 420. The parties confirmed their mutual readiness to attract large companies from both countries to implement new joint projects in industries of mutual interest.
Specific measures were agreed to deepen cooperation in the field of agriculture and food security, as well as to develop interaction in the cultural and humanitarian sphere. A final protocol was signed after the meeting, reflecting all the bilateral agreements reached during the negotiations and aimed at comprehensively deepening the Uzbek-Iranian cooperation.
As part of the agenda, a round table was also held to intensify trade, economic, and investment relations, support Iranian investors working in Uzbekistan, and expand direct interaction between representatives of the business community of the two countries.
