Uzbekistan, Kyrgyzstan plan to bring bilateral trade to $1 billion

During the negotiations, the parties discussed the prospects for the expansion of the investment, trade and transport-logistics partnership and defined the specific objectives of mutually beneficial cooperation, the MIFT press service said.

The ministers exchanged views on measures to further enhance investment and industrial cooperation, as a result of which they agreed to jointly develop and adopt a “Road Map” on expanding collaboration between the countries in the field of industrial cooperation and to begin its practical implementation.

The sides noted the positive growth rate of trade, as it has increased almost fivefold over the past three years, amounting to $818.4 million in 2019. In this context, it was agreed to take coordinated action to address the negative impact of the pandemic, through raising the volume of mutual trade to $1 billion in the near future.

The sides also discussed a number of issues related to the next meeting of the Uzbek-Kyrgyz Intergovernmental Commission on Trade and Economic Cooperation.

Following the negotiations, the parties reached an agreement on introducing mechanisms for the prompt coordination of investment, trade and transport-logistics cooperation at the executive level, which will make it possible to improve practical interaction in these areas.