Uzbekistan, Türkiye Aim to Expand Trade and Investment

Uzbek Ambassador to Türkiye Ilkhom Khaydarov has met with Turkish Minister of Trade Ömer Bolat to review the current state and explore future opportunities for expanding trade, economic, and investment cooperation between the two nations.

The officials highlighted that bilateral trade volume reached $3 billion in 2024, and stressed the importance of implementing active measures to raise this figure to $5 billion within the next two years, The Caspian Post reports per Uzbek media.

Türkiye expressed strong confidence in the untapped potential to achieve this ambitious target, emphasizing the competitiveness of goods produced by both countries in global markets. The meeting also underscored the benefits of the Preferential Trade Agreement signed among Türkiye, Uzbekistan, Pakistan, Azerbaijan, and Iran, which opens new avenues for regional trade expansion.

Key discussion points included reducing tariff and non-tariff barriers faced by Uzbek exporters. Specific measures proposed involved lowering additional import duties on electrical products, textiles, and cables, as well as easing restrictions on the importation of certain fruits and vegetables.

In a significant step to improve quality assurance, the two sides agreed to deepen cooperation in inspection, certification, and quality control by establishing Turkish laboratories in Uzbekistan, facilitating smoother product testing and compliance with international standards.