Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov and Minister of Trade of the Republic of Turkey M.Mus discussed topical issues of developing trade and economic relations between the two countries in Istanbul.

During the meeting, the sides exchanged views on the results achieved and further measures to increase and diversify the Uzbek-Turkish trade turnover. It has been noted that the volume of bilateral trade has reached $2.4 billion in the first nine months of the current year, a 70 percent increase compared to the same period of the last year.

The parties underscored the untapped potential for increasing the volume and expanding the range of sought-after Uzbek and Turkish products in the markets of the two countries. The sides also noted the existence of opportunities and resources to bring the volume of mutual trade to $5 billion next year.

The progress of the Preferential Trade Agreement and the E-Commerce Agreement between Uzbekistan and Turkey was reviewed: the parties were able to agree on a number of important issues and reached an understanding on key aspects of the documents. The work on the drafts of these documents will be completed by the end of this year.

Agreement was reached on taking mutual measures to remove existing barriers, to boost bilateral trade and to simplify, harmonise and digitalise customs procedures. It was agreed that by the end of this year, the customs services of the two countries will hold the 2nd meeting of the Joint Customs Council, during which concrete results in this area are to be achieved.

The issue of holding a sectoral exhibition "Made in Uzbekistan" in major cities of Turkey with a view to introducing a wide range of Uzbek products to Turkish business circles and establishing direct links between Uzbek producers and potential customers from Turkey was considered. The Turkish side expressed willingness to assist in promoting this initiative.

Following the meeting, the parties outlined further steps to address common challenges and agreed to establish a mechanism for close cooperation in order to respond quickly to emerging issues.