Iran and Uzbekistan Set to Sign PTA to Boost Bilateral Trade, Says Chairman
The recent discussions between Iran and Uzbekistan have resulted in significant advancements towards enhancing bilateral trade. A Preferential Trade Agreement (PTA) is set to be signed during the Iran-Uzbekistan Joint Economic Cooperation Commission meeting, as announced by Samad Hassanzadeh, the chairman of the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA).
In a meeting held in Tehran on Saturday with Shokhrukh Gulamov, the Deputy Minister of Investment, Industry, and Trade of Uzbekistan, Hassanzadeh highlighted the immense potential for increasing trade between the two nations to over $500 million. The ICCIMA is poised to support this growth as the representative of the private sector.
The signing of the PTA is expected to significantly boost trade cooperation between Iran and Uzbekistan. Hassanzadeh stated, “The signing of a Preferential Trade Agreement (PTA) between Iran and Uzbekistan will enhance trade cooperation between the two countries to a great extent.” This agreement is anticipated to streamline trade processes and reduce tariffs, fostering a more favorable environment for business transactions.
Furthermore, Hassanzadeh emphasized Iran’s diverse capabilities, particularly in key sectors. He pointed out the upcoming Iran Expo 2025, which is scheduled to take place on April 28 at Tehran’s Permanent International Fairgrounds. This event aims to showcase Iran’s strengths in various fields, including:
- Technical and engineering services
- Oil and gas
- Petrochemicals
- Food industries
The expo will serve as a platform for Iranian companies to connect with international partners, demonstrating the nation’s readiness to engage in global trade and investment opportunities.
In addition to the PTA, Hassanzadeh expressed a keen interest from the Iranian private sector in pursuing joint investments in Uzbekistan. He specifically mentioned the textile and clothing sector as a promising area for collaboration. The ICCIMA is advocating for the necessary support to facilitate these investments, ensuring that both countries can leverage their strengths for mutual benefit.
As the discussions progress, both sides are optimistic about the potential outcomes of this partnership. The Iranian market offers a wealth of opportunities for Uzbek businesses, while Iran stands to gain from Uzbekistan’s resources and strategic location.
In conclusion, the impending signing of the Preferential Trade Agreement marks a pivotal step in strengthening economic ties between Iran and Uzbekistan. With a shared vision for enhanced cooperation and mutual growth, both nations are set to enter a new era of trade relations, fostering an environment ripe for investment and development.
As the ICCIMA continues to play a crucial role in facilitating these discussions, the commitment to boosting bilateral trade and exploring joint ventures is expected to yield positive outcomes for both countries in the near future. The focus on key sectors such as textiles, engineering, and natural resources underscores the potential for a thriving economic partnership.
