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

He stressed on increasing trade and urged the chambers of commerce of both the countries to create a roadmap to achieve the trade target of US$ 3 billion set by the leadership of both the countries.

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

“Addressing some of the notable companies of Uzbekistan, the Union Finance Minister encouraged meaningful interaction and cooperation between industry members of the two countries,” the post said.

Sitharaman highlighted the importance 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 the BIT as it takes investment relations on a new path, FM Nirmala Sitharaman said the new BIT will be based on modern international investment standards with a view to benefit both sides. Is. Provides strong protection to investors. An environment of trust and confidence. The signing of this treaty will open up new opportunities in various sectors,” the post said.

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

India and Uzbekistan on Friday signed a BIT to ensure appropriate protection to Uzbekistani investors in India and Indian investors in the Republic of Uzbekistan, the Finance Ministry said in a statement.

The statement said the treaty will raise comfort levels and enhance investor confidence by assuring minimum standard treatment and non-discrimination, while providing an independent platform for dispute settlement through arbitration.

According to the statement, the BIT between the two countries protects investments from expropriation, and provides for transparency, transfer and compensation for losses.

According to official data on the website of the Indian Embassy in Uzbekistan, India is among the top 10 trading partners of Uzbekistan with bilateral trade worth US$756.60 million.

According to the embassy, ​​India's major export items are pharmaceutical products, mechanical equipment, vehicle parts, services, frozen buffalo meat, optical instruments and equipment and mobile phones.

According to information available on the embassy website, India's imports from Uzbekistan largely include fruit and vegetable products, services, fertilizers, juice products and extracts and lubricants.

According to the embassy website, the total Indian investment in Uzbekistan is US$61 million.