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    Uzbekistan

    Türkiye and Uzbekistan strengthen ties, $5bn trade volume target

    Türkiye and Uzbekistan strengthen ties, $5bn trade volume target

    Türkiye is actively working to enhance trade relations with Uzbekistan, focusing on leveraging the capabilities of the private sectors of both nations. Vice President Cevdet Yılmaz made this announcement during the Türkiye-Uzbekistan Business Forum held in the capital city, Ankara, Daily Sabah reported.

    Yılmaz emphasized the crucial role of the private sector in not only boosting bilateral trade but also fostering new business connections between the two countries. Türkiye currently holds the third position among the countries exporting the most to Uzbekistan and the fifth position in terms of imports. This underscores the existing economic interdependence and potential for growth.

    Photo: Vice President Cevdet Yılmaz (R) and Uzbekistan Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov signed the protocol during the seventh meeting of the Türkiye-Uzbekistan Joint Economic Commission, Ankara, Türkiye, Dec. 26, 2023
    Source: Daily Sabah

    The Vice President expressed optimism about achieving the ambitious $5 bn trade volume target set by Presidents Recep Tayyip Erdoğan and Shavkat Mirziyoyev. He noted that the bilateral trade between Türkiye and Uzbekistan reached $3.5 bn in 2022, reflecting the substantial economic engagement. Over 1,700 Turkish companies are currently operating in various sectors across Uzbekistan, contributing significantly to economic activities.

    Highlighting the strategic importance of the relationship, Yılmaz pointed out that Türkiye and Uzbekistan have elevated their bilateral ties to the level of a comprehensive strategic partnership through joint efforts. 

    One significant development in the trade relationship is the Preferential Trade Agreement, which came into effect in July. Yılmaz underscored its importance as a crucial step in facilitating trade and economic activities between the two nations. This agreement provides preferential treatment to certain products, aiming to stimulate trade and create a more favorable environment for businesses.

    In addition to the business forum, Vice President Yılmaz and Uzbekistan's Deputy Prime Minister and Minister of Economy and Finance, Jamshid Kuchkarov, held one-on-one and inter-delegation meetings at the Presidential Complex. Subsequently, the seventh meeting of the Türkiye-Uzbekistan Joint Economic Commission (JEC) took place under the chairmanship of Yılmaz and Kuchkarov. Within the framework of this commission meeting, the two countries signed seven agreements on cooperation, further solidifying their commitment to enhancing economic collaboration.

    Earlier Daryo reported during the UN Climate Change Conference in Dubai, President Shavkat Mirziyoyev of Uzbekistan held a strategic meeting with Turkey's President Recep Tayyip Erdogan. The leaders deliberated on various matters to strengthen their comprehensive strategic partnership and promote collaborative investment initiatives, as per the president's press service.

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    29.12.2023, 22:54   Comments (0)   1412
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