Goyal pushes to double India-Uzbekistan trade

India and Uzbekistan should look at the possibility of a free trade agreement and aim to double their bilateral trade over the next three years, Commerce and Industry Minister Piyush Goyal said on Monday. Goyal said huge opportunities are there in enhancing cooperation in areas like mining, pharma, and healthcare.

The two-way commerce stood around $1.5 billion at present. Trade will have to lead from the front to boost economic ties between the two countries, he said, adding that “let’s look to double trade in the next three years”. He was speaking at the India-Uzbekistan Business Forum meeting here. Goyal also called upon businesses of both sides to invest in each other’s economies.

He added that while India is strong in areas like IT, skilled workforce, and digital public infrastructure, Uzbekistan offers opportunities in segments such as mining and cotton production. If the two countries are looking at negotiating a free trade agreement, he said. “That is a promising idea. We can look at that.”

He added that businesses of the two countries can co-invest, co-manufacture and co-innovate to boost economic ties. Referring to the Bilateral Investment Treaty between India and Uzbekistan, he said the agreement would enhance investor confidence and encourage businesses from both countries to invest in each other’s economies and build long-term partnerships.

Speaking at the function, Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry and Trade, said the current bilateral trade is far below the potential, and both sides should work to push it up. About 400 Indian companies are operational in Uzbekistan. He sought Indian investments in various sectors such as steel, pharma, healthcare, mining, and auto.