On May 13 this year, Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov held a video conference with Deputy Chairman of the Cabinet of Ministers - Minister of Foreign Affairs of Turkmenistan R. Meredov.
The negotiations considered the progress
and prospects of bilateral cooperation in trade, economic, investment, transport, logistics, cultural and humanitarian areas.
In particular, the participants emphasized the relevance of the regular meeting of the Intergovernmental Commission on Trade, Economic, Scientific, Technical, Cultural and Humanitarian Cooperation to be held in the second half of 2020, which proved itself as an effective platform for a joint resolution of issues within bilateral cooperation, as well as the first meeting of the Uzbek -Turkmen Business Council.
The participants considered creation of cross border trading area on the Uzbek-Turkmen border, which could significantly increase commodity turnover through the supplies of both markets demanded agricultural and household machinery, food products, construction materials, petrochemical products.
For reference: At the end of 2019, the commodity turnover between Uzbekistan and Turkmenistan increased by 78%, and mutual trade increased by more than 3 times for the last three years.
They noted significant prospects for investment and industrial cooperation in exploitation of raw hydrocarbon deposits, organization of joint production of agricultural machinery, and construction materials.
Besides, the parties negotiated on possible expansion of interaction within cultural and humanitarian areas through international conferences, forums, and other events to be held in both countries.
The negotiations resulted in agreement to create a joint Working Group to promote and implement mutually beneficial projects and initiatives within the areas mentioned.
