Akram Aliyev, Deputy Minister of Investment, Industry, and Trade of Uzbekistan, met with Mustafa Tuzu, Deputy Minister of Trade of Türkiye on September 30, to discuss the development of trade and economic cooperation between the two countries.
During the talks, the two sides evaluated the current state and future directions of their economic relationship. A key focus was increasing mutual trade volume to $5bn. To achieve this goal, both countries considered expanding the list of tradable goods, lifting restrictions under the "Preferential Trade" agreement, simplifying trade procedures, and fostering industrial cooperation.
An agreement was reached to establish a joint working group with experts from both countries to develop proposals for expanding mutual trade and enhancing e-commerce between Uzbekistan and Türkiye.
In 7M24, Uzbekistan's foreign trade with Türkiye totaled $1.6bn, marking a 9.76% year-on-year drop compared to the same period in 2023. Despite this downturn, Türkiye remains a key trading partner, ranking as Uzbekistan's fourth-largest.
Uzbekistan's exports to Türkiye have steadily decreased over the past three years. In 2022, exports reached $1bn, but this dropped by 15.9% to $841mn in 2023. The decline persisted in 2024, with exports falling to $680mn, marking a 19.2% drop from the previous year.
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