BAKU, Azerbaijan, October 24. Iran intends to increase annual trade turnover with Uzbekistan up to $5 billion, Iranian First Vice President Mohammad Reza Aref said at a meeting with Uzbek Minister of Investment, Industry and Trade Laziz Kudratov in Tehran on October 24, Trend reports.
According to him, the plain truth is that the trade turnover, which runs into several hundred million dollars, just doesn't stack up with the level of relations between the two countries.
Aref stated that under the agreements signed between the two countries, the trade turnover should increase to $1 billion by the end of 2024.
"Members of the joint economic commission of the two countries can scrutinize the possibilities of increasing trade turnover between the two countries. The opportunities created by preferential trade can be utilized to increase the level of trade relations between the two countries. The next stage should focus on banking cooperation to facilitate businessmen,” he said.
At the meeting, Minister of Investment, Industry, and Trade of Uzbekistan Laziz Kudratov also noted that the two countries are discussing trade duties, the format of payment for the cost of products and services, banking cooperation, the development of a mechanism for making payments in national currency, the Chinese yuan and the Russian ruble, the import of oil and metals, the implementation of cooperation in the field of insurance services, the exchange of agricultural products, and transportation, and will discuss the development of trade and use of opportunities in the Iranian ports of Chabahar and Bandar Abbas.
Kudratov emphasized that Uzbekistan is one of the few countries that has the opportunity to export 2,200 goods to Europe without taxes and customs duties, and joint investments between the two countries can utilize this opportunity for product production and export.