Uzbekistan, Iran plan to increase trade turnover to $1 billion a year

As part of the agenda of the meeting, the parties considered 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 was noted: over the past three years, mutual trade between the two countries has almost doubled. Stressing the importance of building up cooperation in this direction, the parties expressed their readiness to increase the volume of mutual deliveries, including 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 program of practical measures to bring trade to $1 billion a year, accelerate the adoption of the Preferential Trade Agreement, and also hold Made in Iran and Made in Uzbekistan exhibitions 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. Over the past five years, the number of enterprises with Iranian capital in Uzbekistan has tripled - up to 420. The parties confirmed their mutual readiness to attract large companies from the two 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, to develop interaction in the cultural and humanitarian sphere. Following the meeting, a final protocol was signed, 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, organized 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.