Tashkent (TDI): Uzbekistan and Turkmenistan have launched Free Trade Regime to boost bilateral trade.
The deal eliminates customs duties on most goods produced in both nations, with certain exceptions, and is likely to facilitate trade and economic collaboration.
Uzbekistan’s Ministry of Investments, Industry, and Trade announced the development, following the completion of all required legal procedures for the Protocol on Exceptions to the Free Trade Regime, which was inked on July 16, 2024.
President Shavkat Mirziyoyev approved the protocol through Resolution No. 29 on January 27.
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Under the new trade rules, Turkmenistan has removed customs duties on many exports from Uzbekistan including, cement (previously taxed at 100%), textiles (50%), furniture (50%), glass containers (50%), water heating boilers (15%), plastic and polypropylene products (10%), sausages and meat products ($2 per kg) and cottonseed oil ($1 per kg).
Officials anticipate that the free trade system will boost economic activity between the two nations by facilitating business operations, increasing investment, and strengthening industrial cooperation.
The Ministry of Investments, Industry, and Trade, along with other government bodies, is working to assist Uzbek businesses maximize the benefits of the new trade framework.
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Trade between Uzbekistan and Turkmenistan grew by 23 percent in the first quarter of 2024 compared to the same period in 2023, reaching $455 million.
Turkmenistan’s exports to Uzbekistan increased by 36 percent, surpassing $407 million.
Meanwhile, the Agency of Statistics under the President of Uzbekistan reported that in the first five months of last year, Uzbekistan imported $407.5 million worth of goods from Turkmenistan while exporting $48 million worth of goods in return.
