India and Uzbekistan target $3-5 billion bilateral trade in coming years

Key facts

• On August 3, 2026, India and Uzbekistan set ambitious targets to expand bilateral trade and investment at a business forum meeting.
• India proposed doubling bilateral trade from about $1.3 billion over the next three years.
• Uzbekistan hoped bilateral trade would reach $2 billion next year and rise to $3-5 billion in the coming years.
• The two countries identified mining, pharmaceuticals and healthcare, information technology, food processing, and the digital economy as priority sectors.
• Uzbekistan also pitched opportunities in metallurgy, chemicals, energy, automobiles, and digital infrastructure.
• Commerce and Industry Minister Piyush Goyal said the recently signed bilateral investment treaty would boost investor confidence.
• Goyal said a potential free trade agreement between India and Uzbekistan could be explored.
• India is already exploring a potential free trade agreement with the EAEU bloc comprising Russia, Kazakhstan, Armenia, Belarus, and Kyrgyzstan.
• Uzbekistan's Minister of Investment, Industry and Trade, Laziz Kudratov, said bilateral trade grew by about 30 per cent last year to $1.3 billion for the first time.
• Kudratov said the number of foreign companies in Uzbekistan had increased five-fold and foreign direct investment had grown ten-fold since 2017.
• Goyal called for removing trade barriers and for mutual recognition of standards, approvals, testing, and certification processes.