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Services Sector to Drive Indo-Uzbekistan Business Partnership: Suresh Prabhu

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Commerce and Industry Minister Suresh Prabhu said the Indian services sector has huge potential and can play a key role in Indo-Uzbekistan partnership.

Addressing the Indo-Uzbek Business Meet, Prabhu said the services sector has huge potential for boosting economic growth and employment generation and will play an important role in Indo-Uzbekistan partnership.

Prabhu added 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.    

At present, India’s exports to Uzbekistan include pharmaceutical products, mechanical equipment, vehicles and optical instruments while imports include fruits and vegetables, services, fertilizers and lubricants from Uzbekistan.

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.

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%.

Commerce and Industry Minister Suresh Prabhu on Friday said the Indian services sector has huge potential and can play a key role in Indo-Uzbekistan partnership.

Addressing the Indo-Uzbek Business Meet, Prabhu said the services sector has huge potential for boosting economic growth and employment generation and will play an important role in Indo-Uzbekistan partnership.

Prabhu added 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.    

At present, India’s exports to Uzbekistan include pharmaceutical products, mechanical equipment, vehicles and optical instruments while imports include fruits and vegetables, services, fertilizers and lubricants from Uzbekistan.

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.

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%.

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