Iran, Uzbekistan aim to boost annual trade volume to USD5B
Date
10/29/2024 8:56:49 AM
(MENAFN) Iran and Uzbekistan are aiming to boost their annual trade volume to USD5 billion, with a preliminary agreement in place to sign a preferential trade agreement (PTA) in the near future, according to Akbar Godari, head of Iran’s Trade Promotion Organization (TPO) for Central Asia, Caucasus, and Russia. Godari highlighted the significant economic discussions between the two countries, following a recent visit by Uzbekistan’s Minister of Investment, Industry, and Trade to Iran.
In addition to the PTA discussions, Godari noted that the two countries have engaged in talks to create a joint investment fund, which will facilitate financial cooperation on various development projects. This fund is expected to be operational soon, reflecting Iran and Uzbekistan’s shared intent to deepen their economic relationship.
The PTA has been under consideration for over six months, following a visit to Uzbekistan by former Iranian Industry Minister Abbas Ali-Abadi, who engaged in discussions with Uzbek officials on the potential agreement. Since then, both sides have examined several aspects of the agreement, including rules for certificates of origin and have resolved previous challenges to finalize the arrangement.
Further signaling the mutual dedication to economic cooperation, the Iranian-Uzbek business community convened on September 19 in Tashkent for a business forum. Organized by the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), the forum provided an opportunity for officials and entrepreneurs from both countries to explore additional avenues for strengthening trade ties.
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