Uzbekistan, India preparing agreement on promotion and mutual protection of investments

According to the MIFT press service, the meeting was co-chaired by the First Deputy Minister of Foreign Affairs Farkhod Arziyev from the Uzbek side and the Minister of State for External Affairs Vellamvelly Muraleedharan from the Indian side. 

The event was attended by representatives of the Ministry of Investments and Foreign Trade, the Ministry of Foreign Affairs and the khokimiyat of the Andijan region, as well as representatives of India’s Ministry of Finance, the Ministry of Commerce and Industry, the Ministry of External Affairs, the Department of Agriculture, Cooperation and Farmers Welfare and the General Administration Department of the Government of Gujarat.

Deputy Prime Minister, Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov addressed the meeting. He emphasized the role of the Committee in the effective promotion of joint projects and initiatives, emphasized priorities for further interaction between the parties.

The sides discussed the current state of bilateral relations and prospects for further strengthening cooperation in trade-economic, investment, transport and logistics spheres. Also, measures taken by the governments of the two countries to mitigate the economic consequences of the global crisis caused by the coronavirus pandemic were considered at the meeting.

Issues related to the implementation of joint projects in agriculture, pharmaceuticals, healthcare, education and infrastructure development were touched upon.

As noted, 98 investment and trade agreements were signed for $2.3 billion within the framework of bilateral cooperation.

The sides exchanged views on further steps to accelerate the preparation and signing of the Agreement on Encouragement and Reciprocal Protection of Investments and the Agreement on Preferential Trade.

Following the talks, the sides agreed to take additional practical measures to ensure the qualitative and timely implementation of bilateral agreements, as well as to hold the next meeting of the Committee in the Q4 of the current year.