Aim to double trade between India, Uzbekistan in 3 yrs, says Minister Goyal
This story was originally published at 13:36 IST on 3 August 2026
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--Goyal: India, Uzbekistan business currently sub-optimal; see potential
--CONTEXT: Commerce Minister Goyal at India-Uzbekistan Business Forum
--Minister Goyal: India can offer large, growing mkt, workforce to Uzbekistan
--Goyal: Seek businesses from India, Uzbekistan to invest, engage each other
--Goyal: India, Uzbekistan can have holistic health, pharma partnership
--Goyal: Trade must be at forefront to improve India-Uzbekistan relation
--Minister Goyal: Look to double trade between India, Uzbekistan in 3 years
--Minister Goyal: Look to remove trade barriers between India, Uzbekistan
NEW DELHI – Calling India and Uzbekistan's current business partnership "sub-optimal", Commerce Minister Piyush Goyal Monday called for trade between both the nations to double in the next three years. "This is a partnership that offers tremendous possibilites, a safe harbour in terms of predictability," Goyal said at the India-Uzbekistan Business Forum in New Delhi. "Let us work together in good faith to double the trade between the two economies in the next three years," he added.
He also batted for removing trade barriers between both the countries, and urged to create more mutual recognition of standards, approval processes, testing and certification process, among others. India-Uzbekistan's total bilateral trade was worth $672.55 million in 2025-26 (Apr-Mar).
When asked at the sidelines of the India-Uzbekistan Business Forum, if both the countries were looking for any association like a free trade agreement, Goyal said "it is a promising idea." However, he did not confirm on the same.
Goyal said that trade must be at the forefront when it comes to improving relationship between both the countries. "The true dimensions of the relationship can only be brought to fruition when our businesses engage with each other and expand the economic ties between Uzbekistan and India," he said. "Together, we can convert this relationship into more commerce, more business, more jobs, and deeper investments into each others economies."
The minister said that India can offer a large and growing market and workforce to Uzbekistan, highlighting that India's health and pharma sector can help improve both the nation's partnership holistically. Goyal urged businesses from both India and Uzbekistan to engage with each other and build partnerships.
He further highlighted that Uzbekistan can offer India lot of opportunities in the mining sector and cotton production. "One area India can offer significant support and help the Uzbek economy is on information technology and digital world," he added. End
US$1 = INR 95.32
Reported by Pratiksha
Edited by Akul Nishant Akhoury
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