Issues of expanding multifaceted cooperation with India discussed
Tashkent, Uzbekistan (UzDaily.com) -- On 12 April 2021, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov, via video conferencing, held talks with the Minister of Railways, Trade and Industry of the Republic of India Piyush Goyal.
During the meeting, the sides discussed the current state and prospects for the development of bilateral cooperation in the investment, trade, economic and transport and logistics spheres.
The parties expressed satisfaction with the consistent growth in the volume of trade between the two countries. At the end of 2020, the volume of mutual trade with India made up US$442 million, which is 25% more than in 2019. Along with this, mutual interest was expressed in taking effective measures to multiply the volume of mutual trade and discussed tasks for the near future.
In particular, an agreement was reached to accelerate the preparation of the results of a joint study to assess the possibilities of concluding an Agreement on preferential trade between the Republic of Uzbekistan and the Republic of India, carried out by specialized research institutes of the two countries.
The parties also noted the importance of expanding the portfolio of joint projects, intensive development of industrial cooperation and strengthening business partnerships between entrepreneurs of the two countries by accelerating the elaboration of the signing of an intergovernmental Agreement on the Encouragement and Reciprocal Protection of Investments and the organization of business forums and other events aimed at bringing the business circles of the two countries closer together.
The issues of financial and technical cooperation were also touched upon - the joint activities of the ministries and departments of the two countries were intensified to develop and agree on the technical and economic parameters of social and infrastructure projects, the financing of which is planned to be carried out at the expense of the Eximbank of India.
Special attention was paid to the development of cooperation in the transport and logistics sphere - an agreement was reached on the creation of joint expert groups from among specialists from specialized structures to study the experience of integration into the system of international transport corridors.
The parties also agreed to intensify interaction on the development of new projects and initiatives in the field of construction and reconstruction of the transport infrastructure of Uzbekistan.
As a result of the video conference, an agreement was reached to maintain an active dialogue at the level of relevant ministries and departments in order to promptly resolve issues of bilateral investment and trade and economic cooperation and accelerate the promotion of common projects and initiatives.