Nirmala Sitharaman Highlights Trade Opportunities at Uzbekistan-India Business Forum
Union Finance Minister Nirmala Sitharaman addressed the Uzbekistan-India Business Forum, emphasizing the vast trade opportunities between India and Uzbekistan. She urged the chambers of commerce of both countries to create a roadmap to achieve the USD 3 billion trade target set by their leaders.
The Ministry of Finance shared that Sitharaman spoke after the signing of a new Bilateral Investment Treaty (BIT) between India and Uzbekistan in Samarkand. She encouraged meaningful interactions and collaboration between industry members from both nations.
Sitharaman highlighted the significance of the newly signed BIT, which is based on modern international investment standards. She urged business communities to take advantage of the BIT, which provides strong protections to investors and fosters an atmosphere of trust and confidence. The treaty is expected to unlock new opportunities in various sectors.
The BIT assures appropriate protection to investors from both countries, providing a minimum standard of treatment and non-discrimination, and an independent forum for dispute settlement through arbitration. It also protects investments from expropriation and ensures transparency, transfers, and compensation for losses.
According to the Indian embassy in Uzbekistan, India is among the top 10 trade partners of Uzbekistan, with bilateral trade amounting to USD 756.60 million. Major Indian exports include pharmaceutical products, mechanical equipment, vehicle parts, services, frozen buffalo meat, optical instruments, and mobile phones. India’s imports from Uzbekistan largely consist of fruit and vegetable products, services, fertilizers, juice products, and lubricants. Total Indian investments in Uzbekistan amount to USD 61 million.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is India’s Finance Minister. She is responsible for managing the country’s money and economy.
Uzbekistan-India Business Forum -: This is a meeting where business people from India and Uzbekistan come together to discuss trade and business opportunities.
chambers of commerce -: These are groups of business people who work together to help businesses grow and succeed.
USD 3 billion trade target -: This means that India and Uzbekistan aim to buy and sell goods worth 3 billion US dollars with each other.
Bilateral Investment Treaty (BIT) -: This is an agreement between two countries to protect and encourage investments from each other.
investors -: Investors are people or companies that put money into businesses to help them grow and make a profit.
exports and imports -: Exports are goods sent to other countries to sell, and imports are goods bought from other countries.
