Uzbekistan and Turkey will continue to implement intergovernmental agreements in investment, trade and economics

On April 23 this year, Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov had a video conference with Vice President of the Republic of Turkey Fuat Oktay. They discussed implementation of mutual agreements, further development of multifaceted bilateral cooperation, as well as promising joint initiatives to prevent the impact of the pandemic on the economies of both countries.

During the discussion, both sides highlighted mutual commitment to implementation of agreements reached during the high-level visit authenticated by the adoption of a separate government decision in Uzbekistan implementing joint initiatives, as well as the approval by the Turkish government of the Road Map for activities and projects agreed during the visit.

The parties will continue to promote launched investment initiatives.  In view of this, they discussed possible visits to Uzbekistan of heads of Turkish companies and relevant specialists as the situation with the coronavirus pandemic stabilizes for the practical implementation of the agreed projects.

The parties discussed joint efforts to increase mutual trade. In view of this, the parties will intensify elaboration of the Agreement on preferential trade. There will be online bilateral negotiations, and as the epidemiological situation stabilizes, there will be work missions at the level of the heads of foreign trade departments of both countries to discuss in detail and develop specific mechanisms for interagency cooperation to bring commodity turnover between Uzbekistan and Turkey to USD 5 billion per year in the near future.

The dialogue also touched on cooperation in the transport sector. The Turkish side will consider creation of the most favorable conditions for uninterrupted and unhindered transit of Uzbek goods. This will involve a development of mechanism for regular consultations between ministers of transport of two countries to elaborate and implement measures designed to prevent possible accumulations and delays of Uzbek goods on the Turkish border.

Besides, the parties discussed cooperation under Uzbekistan’s accession to the World Trade Organization. The Turkish side assured full support for this initiative and expressed its readiness to provide the necessary technical and advisory assistance. Subject matter experts from both countries will start cooperation online in the near future.

After the discussion, the parties agreed to regularly hold video and teleconferences to check time, negotiate on agreements reached, and develop new areas of cooperation.

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