Piyush Goyal says India can explore FTA with Uzbekistan, seeks to double trade in 3 years

India can explore negotiating a free trade agreement (FTA) with Uzbekistan as the two countries seek to double bilateral trade over the next three years, Commerce and Industry Minister Piyush Goyal said on Monday, August 3.Speaking at the India-Uzbekistan Business Forum in New Delhi, Goyal said trade should lead efforts to deepen economic ties, while calling on businesses from both countries to invest in each other’s markets.”Let’s look to double trade in the next three years,” Goyal said, adding that a potential FTA between the two countries is “a promising idea” that can be explored.Bilateral trade between India and Uzbekistan stood at around $1.3 billion-$1.5 billion in 2025. India’s exports were valued at about $1.15 billion, while imports from Uzbekistan stood at around $164 million. India exports pharmaceutical products, engineering goods, vehicle parts, mobile phones and optical instruments, while imports mainly comprise fruits and vegetables, fertilisers, lubricants and juice products.Also Read: Who is Vishwesh Negi, India’s next Ambassador to IranGoyal said the recently signed Bilateral Investment Treaty (BIT) has boosted business confidence and called for closer cooperation between customs authorities and mutual recognition of standards to facilitate trade.Highlighting complementary strengths, he said India can support Uzbekistan in areas such as digital public infrastructure, medtech and fintech, while collaboration in cold-chain infrastructure and agri-tech can help farmers in both countries access global markets. He also pointed to opportunities in the textile sector, where Uzbek cotton could support exports from both nations.The minister said India is strong in information technology, skilled manpower and digital public infrastructure, while Uzbekistan offers opportunities in sectors such as mining and cotton production. He also noted that India is already discussing a potential FTA with the Eurasian Economic Union (EAEU), which comprises Russia, Kazakhstan, Kyrgyzstan, Belarus and Armenia.Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov, said the current level of bilateral trade remains well below its potential and urged both sides to step up cooperation. He noted that around 400 Indian companies are operating in Uzbekistan and invited greater Indian investments in sectors including steel, pharmaceuticals, healthcare, mining and automobiles.Also Read: India opens quota window for duty-free dates, lower-duty marble imports from OmanSeparately, President Droupadi Murmu met Uzbekistan’s Foreign Minister Saidov Bakhtiyor Odilovich at Rashtrapati Bhavan and said there is immense scope to expand cooperation in mining, particularly rare earth minerals, as well as agriculture, pharmaceuticals and information technology. She said the two countries share deep historical, cultural and civilisational ties, and noted that the India-Uzbekistan Business Forum reflected growing business confidence between the two sides.Murmu also highlighted that more than 3,000 Uzbek officials, professionals and students have benefited from India’s ITEC training and scholarship programmes, while over 16,000 Indian students are pursuing higher education in Uzbekistan. She said these exchanges have strengthened people-to-people ties and expressed confidence that the discussions during the visit would further deepen bilateral friendship and cooperation.

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