BAKU, Azerbaijan, September 11. Uzbekistan and Algeria are exploring new mechanisms to expand trade preferential trade agreement and the establishment of an intergovernmental commission and Business Council.
This was reflected in the statement by the Ministry of Investment, Industry and Trade of Uzbekistan, following a video conference between Minister Laziz Kudratov and Algeria’s Minister of Foreign Trade and Export Promotion Kamel Rezig.
According to the Ministry, in the course of the meeting, the sides discussed ways to increase bilateral trade and expand cooperation in the trade, economic, investment and industrial sectors. Particular attention was given to increasing trade volumes and organizing direct negotiations on priority categories of goods.
The sides also put forward initiatives to establish a preferential trade agreement between Uzbekistan and Algeria. Such an agreement could provide a framework for expanding trade in selected product categories and strengthening commercial ties between businesses in the two countries.
Another proposal involves establishing an intergovernmental commission to provide a regular institutional mechanism for advancing bilateral economic cooperation.
The parties also discussed creating an Uzbekistan-Algeria Business Council, which would provide an additional platform for direct engagement between companies and help identify potential trade and investment projects.
"Strengthening institutional mechanisms and establishing direct contacts between businesses can help translate the existing potential of Uzbekistan-Algeria economic relations into concrete trade and investment projects," the Uzbek Ministry of Investment, Industry and Trade said.
The meeting also focused on moving from agreements and proposals toward practical cooperation, with both sides expressing readiness to identify specific projects and priority areas.
Uzbekistan and Algeria agreed to continue working on the practical implementation of the agreements reached during the meeting and to develop them into concrete projects, according to the ministry.
The latest talks highlight efforts by both countries to strengthen economic ties and create new channels for trade and investment cooperation, including through preferential trade arrangements and closer business-to-business contacts.
