India, Uzbekistan target doubling bilateral trade in three years

India and Uzbekistan aim to more than double their bilateral trade to approximately $3 billion within the next three years, according to commerce and industry minister Piyush Goyal. The two countries could also consider a free trade agreement (FTA) as they strengthen their economic ties. Uzbekistan is inviting Indian companies to invest in various sectors, including mining, metallurgy, chemicals, energy, pharmaceuticals, automobiles, and digital infrastructure.

Both sides agreed to reduce trade barriers and ease market access. Goyal urged businesses to seize long-term partnership opportunities, noting that while bilateral trade has reached $1.5 billion, it still represents a small fraction of the potential between the two economies. Uzbekistan's minister of investment, industry and trade, Laziz Kudratov, reported that bilateral trade grew by 30% last year, surpassing $1.3 billion for the first time.

He hopes to reach $2 billion by next year and increase trade to $3-5 billion in the coming years. The countries are working on a trade facilitation agreement and related memoranda to create more favorable conditions for exporters and importers. Uzbekistan's significant potential in various sectors, such as mining, metallurgy, chemicals, energy, digital infrastructure, automobiles, and pharmaceuticals, has been highlighted, along with opportunities in textiles, pharmaceuticals, healthcare, and digital public infrastructure.