Uzbekistan and Oman agreed to prepare a preferential trade agreement

Uzbekistan and Oman agreed to prepare an agreement on preferential trade

Uzbekistan and Oman have reached an agreement on preparing agreements on preferential trade and investment protection. This issue was discussed during the working visit of the Minister of Investments, Industry and Trade of Uzbekistan, Laziz Kudratov, to the city of Muscat from September 30 to October 2.

The minister held meetings with the heads of Oman's state structures and companies. During the negotiations with the Minister of Economy, Khamis bin Saif al-Jabri, and the Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed al-Yousef, trade and investments, industrial cooperation, transport and logistics corridors, and other issues on the bilateral agenda were reviewed.

The parties also reached agreements on preparing agreements on investment protection and preferential trade, transport corridors, and joint projects.

Such an agreement may envisage the reduction or abolition of customs duties on certain product groups, thereby simplifying mutual trade. It has not yet been announced which specific goods will be granted concessions.

In dialogues with Oman's business circles, prospects for cooperation in the fields of logistics, energy, petrochemicals, electrical engineering, mining, the banking sector, and tourism were discussed.

During the meetings, issues of creating new production and logistics capacities, expanding export routes, establishing energy storage systems and data centers, processing raw materials, and direct deliveries were also reviewed.

In addition, issues of holding a business forum, an exhibition of Uzbekistan's potential, and meetings with representatives of large businesses are being worked out.

As a reminder, in August, Uzbekistan also agreed with the Republic of South Africa to start working on an agreement on preferential trade.