Uzbekistan, EU discuss prospects of economic and investment co-op

Uzbekistan Materials 30 January 2023 13:27 (UTC +04:00)
Nazrin Babayeva
Nazrin Babayeva
Read more

BAKU, Azerbaijan, January 30. Uzbekistan and the EU aim to strengthen cooperation in the trade, economic and investment fields, Trend reports via the press service of Uzbekistan’s Ministry of Investment, Industry, and Trade.

The matter was discussed between the Minister of Investment, Industry, and Trade Laziz Kudratov, and the Head of the European Union Delegation Charlotte Adriaen.

Throughout negotiations, the sides considered the possibilities of expanding the key areas of bilateral financial and technical cooperation. In particular, they reviewed the implementation of the new Multi-Annual Indicative Program 2021-2024 for Uzbekistan, under which 76 million euros were allocated.

During the talks, the parties also discussed partnership within the framework of Uzbekistan's entry into the World Trade Organization (WTO), emphasized the growth dynamics of mutual trade, noting that the volume of trade has increased by 15.7 percent in 2022, reaching $4.4 billion.

Furthermore, Uzbekistan extended gratitude to the European side for technical and consultancy support provided during the country's entry into the WTO, in particular, through the implementation of a project for assistance in the process of Uzbekistan's accession to the WTO, funded by the European Union.

The Minister and the Head of the EU delegation also emphasized the implementation of the program with the Development Strategy of the New Uzbekistan, including transformation to a green economy, effective public administration, and support for agriculture and other areas.

Following the meeting, the sides confirmed mutual commitment to further expansion of cooperation in priority areas and elevation of multifaceted bilateral relations to a new level of development.