Last week, the President of Uzbekistan signed a document to ratify the Preferential Trade Agreement between Uzbekistan and Türkiye, which was signed on March 29, 2022, in Tashkent, during the second meeting of the Uzbek-Turkish High-Level Strategic Cooperation Council, according to a statement by the Ministry of Justice of Uzbekistan as cited by EastFruit.
This means that Uzbekistan has now ratified the international agreement on preferential trade between the two nations.
The Preferential Trade Agreement between Uzbekistan and Türkiye aims to strengthen trade and economic ties by providing more favorable business conditions for producers and exporters of both countries, such as eliminating customs duties on certain goods or reducing their current export volume.
The agreement includes a list of 12 products for each country that will be subject to preferential trade. Uzbekistan’s list consists mainly of agricultural products such as vegetables, fresh fruits, dried fruits, beans, and various nuts, while Türkiye’s list includes industrial products like electrical transformers and inductors, connectors, pipes, and rolled products from ferrous metals, and centrifugal pumps.
The elimination of current customs duties on Uzbek agricultural products in Türkiye will simplify import procedures and increase their competitiveness in the Turkish market.
Meanwhile, the entry of Turkish industry into Uzbekistan’s market under preferential trade terms will encourage the development of industrial cooperation between the two nations and provide Uzbek businesses with affordable and high-quality equipment and raw materials.
Furthermore, there are plans to expand the list of goods approved under the agreement based on the production and export potential of both countries, Uzbekistan and Türkiye.
This expansion will enable both nations to explore new opportunities and expand their trade relationship beyond the current 12 items on the list.
