Iran and Uzbekistan to reach preferential trade agreement

Iran and Uzbekistan reached the preliminary preferential trade agreement (PTA) aims to expand Iran-Uzbekistan trade volume to US$5 billion annually from the current US$0.5 billion. This is reported by Press TV, a partner of TV BRICS.

The agreement outlines reduced tariffs on a range of Iranian exports. This development follows a visit to Tehran by Uzbekistan's Minister of Investment, Industry, and Trade, Laziz Kudratov, and marks a significant milestone in regional trade relations.

Iran is increasingly focusing on strengthening trade with regional and allied nations. The country has already established trade cooperation agreements with the Russia-led Eurasian Economic Union (EAEU).

Uzbekistan, the most populous nation in Central Asia, shares strong cultural and historical ties with Iran, which makes trade between the two countries easier and more efficient. Government data from Iran show a significant increase in goods transit through Iran, positioning Iran as a gateway for Central Asian trade.

This preferential trade deal with Uzbekistan marks an essential step in Iran's strategy to expand its economic footprint within Central Asia, strengthening its role in regional logistics and boosting economic resilience against external pressures.

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