Uzbekistan and South Korea are working to expand bilateral trade and prepare a free trade agreement, the press service of the Senate has reported.
During a visit by a parliamentary delegation to the Republic of Korea, Senate Chairperson Tanzila Narbayeva met with Yoon Young-mi, head of the Korea Importers Association. The talks focused on developing trade and economic cooperation and expanding supplies of Uzbek goods to the South Korean market.
The parties discussed promoting Uzbek food and agricultural products in South Korea, supporting local exporters and strengthening business ties.
They also exchanged views on the prospects for drafting and signing a free trade agreement between Uzbekistan and South Korea.
Other topics included compensating Uzbek exporters for logistics costs, securing access for their products to South Korean retail chains and establishing joint ventures. The sides also highlighted the importance of consultations between relevant ministries and agencies and developing concrete proposals.
At the first Uzbek-South Korean meeting on economic cooperation in February 2018, Jamshid Khodjaev, who was then Minister of Foreign Trade, proposed considering a preferential trade agreement or a free trade agreement. He noted that high tariffs in South Korea were limiting supplies of Uzbek fruit and vegetable products.
In July 2020, the Dunyo news agency reported that public hearings on a free trade agreement between Uzbekistan and South Korea had been held in Seoul. The two countries had previously conducted joint studies on the feasibility of concluding such an agreement.
In January 2021, South Korean President Moon Jae-in announced plans to accelerate negotiations on free trade agreements with Uzbekistan, the Philippines and Cambodia. He said Seoul intended to expand cooperation with partners under its New Southern and New Northern Policies.
Shortly afterwards, Yonhap reported on talks between Moon Jae-in and Uzbek President Shavkat Mirziyoyev regarding a free trade agreement. According to the news agency, if concluded, the agreement would become South Korea’s first trade pact under its New Northern Policy.
In November 2021, Uzbekistan’s Investment and Foreign Trade Minister Sardor Umurzakov and South Korean Minister of Economy and Finance Hong Nam-ki agreed to accelerate negotiations on establishing a free trade area. The sides also agreed to strengthen cooperation to support global supply chains and jointly develop technologies needed to produce critical materials for high-tech industries.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
