Uzbekistan is expanding trade and economic cooperation with the countries of the Middle East and South Asia
Tashkent, Uzbekistan (UzDaily.com) -- Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov took part in the 39th meeting of the Standing Committee on Economic and Trade Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC) held in Istanbul (Turkiye).
The event was dedicated to discussing efforts to strengthen partnerships between OIC member countries in areas such as trade, finance, transport, communications, agriculture, tourism, poverty reduction and digital transformation.
On the sidelines of the meeting, Laziz Kudratov held bilateral meetings with the heads of relevant ministries of several OIC member countries.
In particular, the progress in the implementation of the protocol of the trilateral meeting “Uzbekistan – Afghanistan – Pakistan”, the “Road Map” for cooperation in the trade and industrial, financial, banking, transport and logistics and agricultural spheres was discussed with the Minister of Commerce of Pakistan Gohar Ejaz.
The conclusion of the Preferential Trade Agreement in 2022 made it possible to increase the Uzbek-Pakistani trade turnover by 40%, in connection with which the parties agreed to jointly explore the possibilities of developing a Free Trade Agreement.
During a meeting with the Minister of Trade of Turkiye, Omer Bolat, the parties discussed the expansion of trade between the countries, which reached US$2.6 billion in October of this year. They expressed support for the idea of developing mutual recognition of certificates of conformity and creating a list of goods to reduce customs duties. This move helps deepen trade relations between Turkiye and the other country.
An agreement was reached with the UAE Minister of Economy, Abdullah Al-Mari, on the rapid preparation of a joint Road Map. This initiative covers various areas such as logistics, banking, insurance, stock market, mining and processing, as well as cooperation in the areas of artificial intelligence, programming and data centers. It has been noted that over the past 5 years, the number of enterprises with the participation of UAE capital in Uzbekistan has increased 2.5 times to 240 units, which indicates the growth of economic ties between the countries.
Trade turnover with the UAE exceeded US$500 million in 2022 and it was proposed to strengthen the holding of joint events, such as meetings of the Intergovernmental Commission and business forums with the participation of representatives of the business communities of both countries. This is aimed at further deepening economic cooperation between the two countries.
Transport and logistics cooperation was also an important topic of negotiations. All parties highlighted the importance of diversifying transport corridors, increasing cargo transportation volumes, simplifying transit processes and developing transport infrastructure. These actions contribute to the strengthening and development of logistics ties between countries.
The outcome of the meeting was confirmation by both parties of their readiness to further deepen the multifaceted partnership. The parties also confirmed their intention to take specific measures for practical interaction and systematic monitoring of the implementation of previously reached agreements. This means the desire to further develop and strengthen economic and trade relations between countries.