The 15th meeting of the intergovernmental commission on trade, economic, and scientific-technical cooperation between Uzbekistan and Iran took place in Tashkent on May 31.
Both countries acknowledged the positive growth in their mutual trade, which has nearly doubled in the past three years. They expressed their commitment to expanding trade by increasing the supply of various goods, such as chemical industry products, equipment, textiles, and food products.
To facilitate further growth, they signed a program to boost mutual trade volume to $1bn annually, accelerate the adoption of the Preferential Trade Agreement "Made in Iran," and organize "Made in Uzbekistan" exhibitions.
They also agreed to form a working group to identify and address trade barriers. Discussions also covered investment cooperation, with the number of Iranian enterprises in Uzbekistan tripling to 420 over five years.
Both parties expressed their interest in attracting larger companies for joint projects. Cooperation in agriculture, food security, and cultural exchanges was also emphasized. The meeting concluded with the signing of a Final Protocol, aiming to deepen Uzbek-Iranian cooperation in various areas.
As per the report from OEC, export between the two countries equaled $168mn in 2021, with the most shipped product from Uzbekistan being cotton and raw iron bars from Iran.
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