3 days ago
India, Uzbekistan Set $5 Billion Trade Target by 2030
India and Uzbekistan want to do much more business with each other.
They aim to increase their trade from $1.3 billion in 2025 to $5 billion by 2030.
The countries will work together to remove rules and other obstacles that make trade and investment harder.
They will study a preferential trade agreement to make buying and selling easier.
Areas with strong potential include electrical goods, cars, engineering products and medicines.
They also plan to cooperate on critical minerals, roads, technology and digital trade.
India and Uzbekistan will encourage companies, startups and investment agencies to work together.
Their broader partnership was upgraded to a Comprehensive Strategic Partnership.
India and Uzbekistan set a bilateral trade target of $5 billion by 2030, compared with $1.3 billion in 2025.
The countries will create a joint working group to address non-tariff barriers and investment hurdles.
They will explore next steps for a proposed Uzbekistan-India Preferential Trade Agreement after completing a feasibility study.
Electrical goods, engineering products, automobiles, pharmaceuticals and critical minerals were identified as cooperation priorities.
The two countries elevated their Strategic Partnership to a Comprehensive Strategic Partnership and agreed to strengthen coordination mechanisms.
- Who
- Indian Prime Minister Narendra Modi and Uzbekistan President Shavkat Mirziyoyev, representing India and Uzbekistan.
- What
- The countries set a $5 billion bilateral trade target for 2030 and agreed on measures to expand trade, investment, connectivity, technology and critical-minerals cooperation.
- Where
- During Modi’s state visit to Uzbekistan; related business forums were held in Tashkent and New Delhi.
- When
- The target was announced during Modi’s two-day state visit to Uzbekistan, with the leaders’ talks held on Sunday; bilateral trade data cited covers 2025.
- Why
- To deepen economic ties, address trade and investment barriers, broaden traded goods and increase two-way investment.
Key facts
- 2030 trade target
- $5 billion in bilateral trade
- 2025 bilateral trade
- $1.3 billion, up 33.3% from the previous year
- Trade measures
- A joint working group will address non-tariff issues and investment barriers.
- Potential sectors
- Electrical items, engineering products, automobiles and pharmaceuticals
- Trade agreement
- The countries will explore next steps for a proposed Uzbekistan-India Preferential Trade Agreement after a joint feasibility study.
- Partnership status
- The Strategic Partnership was elevated to a Comprehensive Strategic Partnership.
- Critical minerals
- Planned cooperation includes exploration, mining, processing, value-added production and recycling.
Sources
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