On May 31 this year, the 15th meeting of the Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation (IGC) between the Republic of Uzbekistan and the Islamic Republic of Iran was held in Tashkent. The event was co–chaired by Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan on behalf of the Uzbek side and Seyyed Mahdi Niazi, Acting Minister of Industry, Mines and Trade of the Islamic Republic of Iran, on behalf of the Iranian side. The meeting was also attended by the heads of key ministries and departments of the two countries.

As part of the meeting agenda, the parties comprehensively considered the current state of and the prospects for the development of mutually beneficial cooperation in investment, trade, economic, transport and logistics areas as well as industrial cooperation.

The positive dynamics of trade and economic cooperation was noted: over the past three years, the mutual trade turnover between the two countries has almost doubled. Stressing the importance of expanding cooperation in this direction, the parties expressed readiness to increase the volume of mutual supplies, including chemical industry products, equipment, construction materials, silk, textiles, electrical engineering and food. 

To ensure sustainable growth of trade turnover, the parties agreed to sign a Program of practical measures to bring annual trade turnover to US$1 BN, accelerate the adoption of the Preferential Trade Agreement, as well as hold Made in Iran and Made in Uzbekistan exhibitions on a reciprocal basis in both countries. In addition, a Working Group will be created to identify and eliminate barriers to mutual trade.

Further steps to develop investment partnership and industrial cooperation were discussed. Over the past five years, the number of enterprises with equity of Iranian capital in Uzbekistan has tripled to reach 420 units. The parties confirmed mutual readiness to attract large companies of the two countries to implement new joint projects in areas of mutual interest.

Specific measures were agreed to deepen cooperation in the field of agriculture and food security, the development of cooperation in the cultural and humanitarian areas.

Following the meeting, a final protocol was signed, reflecting all bilateral agreements reached during the negotiations that are aimed at comprehensive strengthening of Uzbek-Iranian cooperation.

A round table was also held to intensify trade, economic and investment relations, support Iranian investors doing business in Uzbekistan, and expand direct interaction between representatives of the business community of the two countries.