Uzbekistan, Turkey eye preferential trade agreement

Business Materials 6 December 2017 10:10 (UTC +04:00)

Baku, Azerbaijan, Dec. 6

By Nigar Guliyeva - Trend:

Uzbekistan and Turkey are negotiating the establishment of preferential trade between the two countries, the Uzbek Ministry of Foreign Trade of Uzbekistan.

The first round of negotiations on the draft agreement on preferential trade between Uzbekistan and Turkey ended on Dec. 1 in Istanbul.

The sides thoroughly discussed the text of the draft agreement on preferential trade and the list of goods in respect of which the preferential trade regime between the two countries will be applied.

The parties agreed to continue negotiations at the expert level to prepare the text of the draft agreement for signing.

The initiative on signing such an agreement was voiced by the Turkish side during the fourth meeting of the intergovernmental commission (IPC) on bilateral cooperation in May.

Turkey is one of the important trade partners of Uzbekistan. In Uzbekistan, 441 enterprises operate with the participation of Turkish capital, including 94 joint ventures with 100 percent Turkish capital. Turkish investments in the economy of Uzbekistan are estimated to be about $1 billion.

In 2016, the trade turnover amounted to $ 1.2 billion, of which almost $ 709 million accounted for the export of Uzbek goods to Turkey. This year the trade turnover is expected to grow to $1.4 billion.

Over the next five years, Ankara and Tashkent intend to increase this figure to $5 billion, and in the next 10 years - up to $10 billion

Uzbekistan and Turkey plan not only to increase trade, but also expand cooperation in such areas as tourism, agriculture, mining and aviation.