Uzbekistan, Singapore Move To Launch Free Trade Negotiations

(MENAFN- Trend News Agency) BAKU, Azerbaijan, August 29. Uzbekistan and Singapore have agreed to launch negotiations on establishing a free trade regime and signed a series of bilateral documents covering special economic zones and food production, as the two countries seek to expand trade and investment ties.

This was reflected in the statement by the Ministry of Investment, Industry and Trade of Uzbekistan.

Uzbekistan's Investment, Industry and Trade Minister Laziz Kudratov attended the signing ceremony held during Singapore Senior Minister Lee Hsien Loong's visit to Uzbekistan.

The two sides signed a document initiating negotiations on establishing a free trade regime between Uzbekistan and Singapore. The initiative is expected to create new opportunities to expand bilateral trade and improve market access for businesses in both countries.

The agreements also strengthened cooperation with Singapore Cooperation Enterprise on the development of special economic zones. The partnership will draw on Singapore's experience and expertise in designing and managing such zones.

“Launching negotiations on a free trade regime provides an additional framework for expanding trade and improving access to each other's markets,” the sides said, highlighting the broader potential for economic cooperation.

A separate agreement was signed in the food industry with the participation of Singapore-based Wilmar International and Indorama. The project envisages establishing vegetable oil production and processing facilities in Uzbekistan's Tashkent region, followed by the development of the feed base and poultry industry.

The projects are expected to deepen industrial cooperation and create additional opportunities for value-added production in Uzbekistan.

The signing ceremony marked another step in efforts to translate growing Uzbekistan-Singapore economic ties into concrete trade and investment projects.

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