Uzbekistan and South Korea discuss possibility of creating free trade zone
23/11/2017 13:58
Uzbekistan and South Korea discuss possibility of creating free trade zone
23/11/2017 13:58
Tashkent, Uzbekistan (UzDaily.com) -- The Ministry of Foreign Trade of Uzbekistan and the Ministry of Trade, Industry and Energy of the Republic of Korea discussed the possibility of creating a free trade zone.
The sides reached a number of important agreements aimed at expanding mutually beneficial trade and economic cooperation.
In particular, the sides agreed on need to ensure preferential access to the markets of the two countries.
In this connection, the heads of the ministries decided to hold the first meeting of the joint Working Group on preparation of the bilateral Agreement on preferential trade between the Republic of Uzbekistan and the Republic of Korea by the end of 2017.
Uztrade, Korean International Trade Association KITA and KTNET have reached an agreement on organizing joint activities for development of electronic commerce in the Republic of Uzbekistan and signed a memorandum.
With the purpose of increasing the volume of exports to the Korean market with high added value, an agreement was reached with the Korean Institute of Industrial Technology (KITECH) and the Korean Institute of Rare Metals (KIRAM) on establishment of the Research Center for Rare Metals and Alloys in the Republic of Uzbekistan.
The agreement is a logical continuation of bilateral measures, aimed at introducing high technology and advanced Korean experience in industrial production, expanding export capacity.
With the assistance of the Ministry of Trade, Industry and Energy of Korea, the Textile Training and Research Technopark is created in Tashkent. In July 2017, it was decided to establish the Uzbek-Korean Center for Development of Agricultural Machinery.
In order to increase the volume of bilateral trade and organize system deliveries of products in demand in our markets, agreements were reached on opening our trading houses with the enterprises, with the organization of constantly operating "show-rooms" of the products.
As a practical implementation of this initiative, UzTrade jointly with its Korean partners decided to establish the first Uzbek-Korean trade house in Korea.
Agreements have also been reached on the creation of a number of joint export-oriented enterprises, including with Hwachon Plant - Gemco for production of jewelry in cooperation with Phonon.
AVID Co.Ltd., NBU and AGMK will implement a project on organizing production of jewelry and watches.
Asaka Bank and Seoul Jewelry Industry Cooperative will organize the production of jewelry and watches.
Samsung Steel Co. and Uzbekoziqovqatholding will realize a project to organize the production of greenhouses.
With the consortium of greenhouse producers and K & G Plus, an agreement was reached on cooperation in the production and construction of greenhouses.
The practical result of the Uzbek-Korean business forum, which was held within the framework of the visit of the Uzbek President to South Korea, Uzbek and Korean companies inked a dozen of export contracts, envisaging supply of goods to Korea worth over US$230 million, including fresh, processed fruit and vegetable products, a wide range of textiles and leather products, copper, etc.
Uzbekistan concluded the first long-term contract for the supply of uranium to Korea.
Productive negotiations were held on the formation of an efficient system of supply of Uzbek fruit and vegetable and textile products to the Korean market, and concrete measures were taken to establish large logistics centers on the territory of the Republic of Uzbekistan with such companies as Korea Trade Network Co. Ltd, CJ Freshway, Heakwang, CIELIE Co. and others.
With the Korean Air company, the sides discussion adoption of additional measures to expand cooperation in the field of transport and logistics, including issues of further development of the international intermodal logistics center at Navoi International Airport and expand its capabilities to increase trade between two nations.
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