Iran and Uzbekistan have reaffirmed their commitment to significantly enhance economic relations, aiming to boost annual bilateral trade to $5 billion. This ambitious target reflects the deepening cooperation between the two nations across various sectors.
During a recent meeting, Iran’s Deputy Parliament Speaker, Hamidreza Haji Babaei, emphasized Iran’s readiness to expand trade exchanges with Uzbekistan. He highlighted Iran’s capabilities in constructing refineries, power plants, and executing projects in infrastructure, energy, and mining, underscoring the potential for collaboration in these areas.
The foundation for this enhanced economic partnership was laid in October 2024 when both countries reached a preliminary agreement to establish a Preferential Trade Agreement (PTA). The PTA aims to reduce tariffs on key exports, including steel and petrochemical products, facilitating a tenfold increase in trade from the then-current $500 million to the targeted $5 billion.
To further this goal, Iran and Uzbekistan have expressed a strong determination to boost bilateral trade, with plans to implement the PTA and other cooperative measures. Both nations are focusing on expanding regional transport and transit cooperation, recognizing that improved connectivity is vital for achieving the ambitious trade target.
