Uzbekistan and Turkey consider abolishing customs duties on a number of commodity items

The 5th round of negotiations on the terms of concluding an agreement on preferential trade with Turkey was held at the Ministry of Investments and Foreign Trade of Uzbekistan in a videoconference format, the MIFT press service reported.

The purpose of the agreement is to strengthen trade-economic relations by creating more favorable conditions for trade between manufacturers and exporters of the two countries. The parties noted that it is an important and effective tool to increase mutual trade up to $5 billion.

In particular, with respect to certain commodity items, customs duties will not apply or their rate will be significantly reduced.

“The negotiations allowed us to comprehensively consider the articles of the draft agreement developed by the parties, as well as to study in detail the lists of goods of Uzbek and Turkish production, for which it is planned to apply the preferential trade regime in mutual trade operations,” the press service said.

Along with this, the Turkish side announced the readiness of the Ministry of Trade of Turkey to provide the necessary technical assistance on issues of Uzbekistan’s accession to the World Trade Organization, including advice on the application of anti-dumping, countervailing duties, protective measures, as well as mechanisms for subsidizing business entities in the agriculture sector.