Uzbekistan, Turkey to sign preferential trade agreement

Business Materials 19 May 2020 12:02 (UTC +04:00)
Uzbekistan, Turkey to sign preferential trade agreement

BAKU, Azerbaijan, May 19

By Ilkin Seyfaddini – Trend:

The Uzbek Ministry of Investment and Foreign Trade held the fifth round of negotiations on the terms of a preferential trade agreement with Turkey via videoconference, Trend reports citing the Uzbek Ministry of Investment and Foreign Trade.

"The purpose of the agreement is to strengthen trade and economic relations through the creation of more favorable conditions for trade between producers and exporters of the two countries. The parties noted that it is an important and effective tool for increasing the volume of mutual trade up to $5 billion," the report says.

In particular, customs duties will not be applied to certain commodity items or their rate will be significantly reduced.

"Negotiations enabled a comprehensive review of the articles of the draft agreement developed by the parties, as well as a detailed study of the lists of goods produced in Uzbekistan and Turkey, in connection to which it is planned to apply preferential trade regime in mutual trade operations," the press service noted.

The Turkish side expressed readiness of the Turkish Ministry of Commerce to provide the necessary technical assistance on Uzbekistan's accession to the World Trade Organization, including consultations on the application of anti-dumping, countervailing duties, protective measures, as well as mechanisms of subsidizing business entities in the agricultural sector.


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