Outlook for $5b Trade Between Iran and Uzbekistan
TEHRAN (Iran News) According to a report by the Public Relations Office of the Iran Trade Development Organization, Akbar Godari highlighted recent economic agreements made during the visit of Uzbekistan’s Minister of Investment, Industry, and Trade to Iran. Godari mentioned that both countries are committed to expanding trade relations, with Iran set to host the 16th Iran-Uzbekistan Joint Commission in March, aimed at boosting trade exchanges. Talks also covered details on the establishment of a joint investment fund, expected to launch soon.
Godari announced the preliminary agreements for a preferential tariff agreement between Iran and Uzbekistan, noting that the groundwork was laid last year when Iran’s then-Minister of Industry, Mines, and Trade, Abbas Aliabadi, visited Uzbekistan and engaged in discussions with his counterpart on the matter. Over the past six months, both countries have worked on finalizing the terms of the preferential tariff agreement and the certificate of origin document, overcoming obstacles along the way. Now, the initial agreements for signing this agreement are in place.
He added that the Iran Trade Development Organization has outlined specific product codes that will be eligible for preferential tariffs, with efforts underway to increase the number of items covered under these terms in the near future.
According to Godari, domestic laws and regulations in both countries have delayed the signing of the preferential trade agreement.
He emphasized the importance of fostering reciprocal trade activities and noted that, while trade between Iran and Uzbekistan currently stands at around $500 million, the inclusion of sectors such as technical and engineering services, railcar production, turbines, steel, and petrochemical products could significantly boost trade relations. During recent discussions, efforts were made to resolve issues between steel companies in both countries.
Godari expressed optimism that trade between the two nations could exceed $1 billion in the medium term, with a long-term goal of reaching $5 billion.
It is noteworthy that Uzbekistan’s Minister of Investment, Industry, and Trade visited Iran last week, meeting with First Vice President Mohammad Reza Aref and Minister of Industry, Mines, and Trade Seyed Mohammad Atabak. Before this visit, Mohammad Ali Dehghan Dehnavi, the head of Iran’s Trade Development Organization, had coordinated with Uzbekistan’s ambassador to Iran to arrange this meeting.
