India, Uzbekistan agree to bolster trade, investment ties

Tashkent, Aug 30 (AHN) Prime Minister Narendra Modi and Uzbekistan President Shavkat Mirziyoyev on Sunday agreed to deepen trade and investment relations between their countries, according to a joint statement issued after their meeting here.

The leaders agreed on the importance of enhancing and diversifying bilateral trade by identifying and harnessing new opportunities. Both sides acknowledged the great potential of bilateral trade in electrical items, engineering products, automobiles, and the pharma sectors and agreed to closer business-to-business tie-ups in these sectors, the statement said.

Both sides agreed to undertake joint measures to broaden the range of goods traded between the two countries, remove non-tariff barriers, and promote industrial cooperation with a view to further increasing bilateral trade turnover.

The leaders also agreed to explore cooperation in the fields of geology, mining, nuclear energy, industrial cooperation, and critical & strategic minerals, including projects for the processing of mineral resources, production of value- added products and recycling initiatives. They also expressed interest in encouraging Indian companies to participate in the development of prospective mineral deposits in Uzbekistan and Uzbek enterprises for joint collaboration in India. The leaders expressed interest in extended cooperation in peaceful uses of nuclear energy.

They agreed to expand cooperation in the field of critical minerals through the implementation of joint projects in geological exploration, mining, mineral processing, and the development of integrated value chains.

The leaders welcomed the discussions on advancing cooperation in the fields of renewable energy, modernisation of energy infrastructure, and the implementation of prospective investment projects.

The two countries expressed their interest in strengthening cooperation in the fields of e-commerce, the digitalisation of trade procedures, and the introduction of digital platforms to support small and medium-sized enterprises and facilitate bilateral trade.

The Uzbek side appreciated the support of the Indian side on the accession of Uzbekistan to the WTO. Both sides agreed to work together to preserve and protect the multilateral trading system with the WTO at its core, especially for the interests of the developing countries.

The leaders agreed to identify and promote mutually beneficial investment opportunities and establish an institutional mechanism to address investors' concerns and facilitate ease of doing business.

They also agreed to cooperate in the development of agricultural value chains, strengthening export capabilities, and enhancing the technical capacity of agriculture and livestock sectors. They supported the expansion of cooperation between research institutions and enterprises in enhancing agricultural productivity, as well as in the conservation and sustainable utilisation of plant genetic resources.

The leaders reaffirmed their commitment to continuing joint efforts to enhance transport and logistics connectivity between Uzbekistan and India through the development of multimodal transport routes and logistics corridors, creating favourable conditions for the seamless movement of goods.

They also recognised the importance of developing environmentally friendly and energy-efficient solutions for Uzbekistan’s public transport sector and agreed to explore opportunities for implementing joint projects in this field.

Besides, the leaders agreed to strengthen cooperation in the development and advancement of safe, secure, and trustworthy artificial intelligence (AI) systems, including through the exchange of experience and best practices, with a view to harnessing AI’s potential to promote sustainable economic growth, innovation-driven development, and the effective resolution of societal challenges.

The leaders also reaffirmed their interest in further expanding practical cooperation in the exploration and peaceful uses of outer space, including in space applications, the exchange of scientific data, and capacity-building through joint workshops and training, the joint statement added.