Economy

Uzbekistan to increase trade with Iran to $1bn

Uzbekistan’s deputy prime minister says the country is planning to increase trade with Iran to $1 billion over the next two years.

Omar Zakhaev made the announcement on Sunday at the 14th meeting of the Joint Commission for Economic, Trade, Scientific and Technical Cooperation between the Islamic Republic of Iran and the Republic of Uzbekistan attended by Iran’s Minister of Industry, Mines and Trade, Seyed Reza Fatemi in Tehran.
Zakhaev said he was pleased that the Joint Commission meeting was held after two years.
He noted that trade between the two countries has declined sharply in recent years mainly due to the Covid pandemic.
Zaghev called for providing conditions for the development of bilateral trade relations between the two countries, bartering, and holding industrial exhibitions.
Iranian Minister of Industry, Mines and Trade, Seyed Reza Fatemi, also said at the meeting that numerous topics have been proposed for economic cooperation between the two countries, and both sides are willing to expand relations.
Fatemi noted that economic relations with Uzbekistan is far from the desired level, but this meeting can be the beginning of expanding ties.
He reiterated that to develop cooperation, barter of goods and tariff preferences should be applied as soon as possible, adding a delegation from Uzbekistan will arrive in Iran next week for this purpose.

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