The Minister of Commerce & Industry and Civil
Aviation, Suresh Prabhu, said that India is committed for a strong economic
partnership with Uzbekistan, says a release.
India – Uzbekistan Business forum in New Delhi today he said that India is one
of the fastest growing economies in the world and will become the third largest
in a decade. He said India would like to share its economic growth with
partners like Uzbekistan. The Minister said that the services sector has huge
potential for boosting economic growth and employment generation and will play
an important role in Indo-Uzbekistan partnership. The Minister offered to set
up skill development training centres in Uzbekistan. Suresh Prabhu said that
Uzbekistan, in Central Asia, is a bridge between Asia and Europe and it is
going to be a thrust area in India’s trade policy.
Trade relations between India and Uzbekistan are
governed by the Agreement on Trade and Economic Cooperation signed in May 1993.
This agreement provides for mutual MFN treatment, promotion of economic,
industrial, scientific and technical cooperation, including active
participation of small and medium sized enterprises in bilateral economic
cooperation. India and Uzbekistan signed an Agreement on Avoidance of Double
Taxation in 1993, and for Bilateral Investment Promotion and Protection in May
1999. The Inter-Governmental Commission (IGC) on Trade, Economic, Scientific
and Technological Cooperation has met ten times, and the last Session was held
in New Delhi on 04-05 March 2014.
India’s exports to Uzbekistan include pharmaceutical
products, mechanical equipment, vehicles and optical instruments. India imports
fruits and vegetables, services, fertilizers and lubricants from Uzbekistan.
According to the State Statistics Committee, India’s share, during the period
January-June 2016, in the total volume of exports of Uzbekistan was just 0.4%
and stood at 20th place among countries that are trading
partners of Uzbekistan, and imports were 2.9%.