India and Uzbekistan aim for $3 billion trade in Samarkand

During her address at the Uzbekistan-India Business Forum in Samarkand, Union Finance Minister Nirmala Sitharaman emphasized the potential for increased trade between India and Uzbekistan. She called for the chambers of commerce from both nations to collaborate on a roadmap aimed at achieving a trade target of USD 3 billion, as set by the leadership of both countries. The forum followed the signing of a new bilateral investment treaty (BIT), which aims to enhance investment relations by providing strong protections for investors and fostering an atmosphere of trust. This treaty is based on modern international investment standards and is expected to unlock new opportunities across various sectors. Currently, India ranks among the top 10 trade partners of Uzbekistan, with bilateral trade valued at USD 756.60 million. Major exports from India include pharmaceutical products and mechanical equipment, while imports from Uzbekistan primarily consist of fruit and vegetable products. The BIT is anticipated to boost investor confidence by ensuring a minimum standard of treatment and non-discrimination, along with provisions for dispute resolution through arbitration. Overall, the signing of the BIT and the discussions at the business forum signify a commitment to strengthening economic ties and exploring new avenues for collaboration between the two nations.