Uzbekistan, India express mutual interest in accelerating the signing of preferential trade agreement

The Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov and the Minister of Commerce and Industry of India Piyush Goyal discussed the practical aspects of creating an Uzbek-Indian Joint Working Group on trade and economic issues and holding its first meeting to systematize tasks related to the economic partnership between Uzbekistan and India, and develop rational proposals for their accelerated solution.

The parties stressed the need to apply joint efforts for the development of bilateral trade. In this context, the sides expressed mutual intentions to speed up the process of preparation and signing of an agreement on preferential trade between Uzbekistan and India.

The course of investment cooperation between the two countries was also considered at the meeting. It was noted that at present, joint work is underway on the implementation of a number of investment projects worth about $700 million in the areas of infrastructure development, tourism and the pharmaceutical industry.

The officials approved the accelerated completion of the draft agreement on the encouragement and mutual protection of investments between the governments of Uzbekistan and India with a view to signing it in the first quarter of next year. This will give a new impetus to the development of investment cooperation and the rapprochement of the business communities of the two countries.