BAKU, Azerbaijan, June 1. Uzbekistan and Iran are aiming at increasing the bilateral trade up to $1 billion per year, Trend reports.
The issue was discussed during the 15th session of the Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation between the Republic of Uzbekistan and the Islamic Republic of Iran (IC) which took place in Tashkent, co-chaired by Laziz Kudratov, Minister of Investments, Industry, and Trade of Uzbekistan, and Said Mahdi Niyazi, Acting Minister of Industry, Mines, and Trade of Iran. Several key ministries and departments from both countries also participated in the meeting.
The agenda of the session encompassed comprehensive discussions on the current state and prospects of mutually beneficial cooperation in investment, trade, economy, transport-logistics, and industrial cooperation.
Positive dynamics were noted in the trade and economic collaboration, with bilateral trade volume nearly doubling over the past three years. Emphasizing the importance of further expanding cooperation in this direction, both sides expressed readiness to increase mutual supplies, including products from the chemical industry, equipment, construction materials, silk, textiles, electrical appliances, and food products.
To ensure sustainable growth in trade volume, the parties underscored the need to expedite the adoption of a Preferential Trade Agreement and mutually host exhibitions titled "Made in Iran" and "Made in Uzbekistan" in each other's territories. Additionally, a Working Group will be established to identify and eliminate barriers to mutual trade. Concrete measures were agreed upon to deepen cooperation in agriculture, food security, and cultural-humanitarian spheres.
At the conclusion of the session, a Final Protocol was signed, reflecting all bilateral agreements reached during the negotiations and aimed at comprehensive enhancement of Uzbek-Iranian cooperation.