Sitharaman urges joint roadmap to achieve USD 3 billion trade target with Uzbekistan

Union Finance Minister Nirmala Sitharaman, during her address at the Uzbekistan-India Business Forum on Friday, emphasised the vast trade opportunities between India and Uzbekistan.

She pushed for increased trade and urged the chambers of commerce of both countries to create a roadmap to achieve the USD 3 billion trade target set by the leadership of the two countries.

Sharing a post on X, the Ministry of Finance said, “Union Minister of Finance and Corporate Affairs Nirmala Sitharaman addressed the Uzbekistan-India Business Forum after signing of a new Bilateral Investment Treaty (BIT) between India and Uzbekistan, in Samarkand.”

“Addressing some notable companies from Uzbekistan, the Union Finance Minister encouraged meaningful interactions and collaboration between the industry members from the two nations,” the post added.

Sitharaman highlighted the significance of the newly signed BIT between India and Uzbekistan, and said that it is based on modern international investment standards.

“Urging the business communities on both sides to take advantage of BIT as it catapults investment relationship to a new trajectory, FM Nirmala Sitharaman said that the new BIT is based on modern international investment standards, provides strong protections to investors on both sides, fostering an atmosphere of trust and confidence. The signing of this treaty will unlock new opportunities in various sectors,” the post said.

The post added, “FM Nirmala Sitharaman said that there are significant trade opportunities and urged the chambers of commerce on both sides to draw up a roadmap to achieve $3 billion trade target set by the leadership of two countries.”

On Friday, India and Uzbekistan signed BIT to assure appropriate protection to Uzbekistan investors in India and Indian investors in the Republic of Uzbekistan, the Ministry of Finance had said in a statement.

The statement added that the treaty will increase the comfort level and boost the confidence of investors by assuring a minimum standard of treatment and non-discrimination, while providing for an independent forum for dispute settlement through arbitration.

The BIT between both the counties provides for protection to investments from expropriation, and provides for transparency, transfers, and compensation for losses, as per the statement.

As per the official figures on the website of the Indian embassy in Uzbekistan, India is among the top 10 trade partners of Uzbekistan with bilateral trade of USD 756.60 million.

The major items of India’s exports are pharmaceutical products, mechanical equipment, vehicle parts, services, frozen buffalo meat, optical instruments and equipment, and mobile phones, as per the embassy.

India’s import from Uzbekistan consists largely of fruit and vegetable products, services, fertilisers, juice products and extracts, and lubricants, as per the available information on the embassy’s website.

Total Indian investments in Uzbekistan amount to USD 61 million, as per the embassy’s website.