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Uzbekistan, US discuss issues of bilateral and regional cooperation in the field of investment and trade

www.uzdaily.com/en
3 September 2020

On 2 September 2020, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov met with the Ambassador Extraordinary and Plenipotentiary of the United States of America to the Republic of Uzbekistan Daniel Rosenblum.

During the meeting, the sides discussed the possibilities of expanding the economic partnership of the two countries by strengthening cooperation in the investment and trade spheres, as well as enhancing interaction within the framework of the implementation of joint initiatives of regional significance.

Separately, current issues related to the activities of American companies in Uzbekistan and promising mechanisms for further cooperation in attracting large industrial groups and transnational holdings to the implementation of investment projects in the Republic were considered.

In this context, the parties, stressing the high potential for the development of investment cooperation, came to an agreement on establishing close contacts between the United States Trade and Development Agency (USTDA) and the Center for Development of Investment Projects under the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan in order to develop high-quality project proposals.

The commonality of the approaches of Uzbekistan and the United States to addressing topical issues on the agenda of regional cooperation was noted, meaning the strengthening of the economic and infrastructural interconnection of the countries of Central Asia and Afghanistan. The parties positively assessed the progress achieved in interaction within the framework of the C5 + 1 platform and discussed certain issues on the agenda of the upcoming meeting of the C5 + 1 Economic Working Group, the purpose of which is to develop practical proposals for strengthening economic cooperation between the countries of the region.

Separately, the prospect of holding a virtual plenary meeting of the US-Central Asia Trade and Investment Framework Agreement (TIFA) in October this year was considered - an effective platform for reaching specific agreements on customs regulation, standardization, sanitary and phytosanitary control, intellectual property protection, and also the development of e-commerce.

Opportunities were also worked out for cooperation on co-financing jointly with the US International Development Finance Corporation (USDFC) projects of regional importance aimed at developing transport and energy infrastructure and strengthening economic ties between the countries of the region.

Special gratitude was expressed to the US government represented by the Agency for International Development (USAID) for the humanitarian assistance provided in the fight against the spread of the coronavirus pandemic in the form of artificial lung ventilation devices (IVL) sent to Uzbekistan, protective accessories, as well as laboratory and medical supplies.

Following the meeting, the parties expressed mutual commitment to further interaction within the discussed areas, and also voiced their readiness to explore opportunities for expanding mutually beneficial cooperation.