Thursday, 20, June, 2024

Tashkent hosted the 15th meeting of the intergovernmental commission on trade, economic, scientific and technical cooperation between Uzbekistan and Iran on Wednesday.

As part of the agenda, the parties reviewed the current state and the ways to further develop cooperation in the investment, trade, economic, transport and logistics sectors and industrial cooperation.

The parties noted the positive trend of trade and economic cooperation: over the past three years, with the two-way trade between the two countries almost doubling. 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 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.

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