India and Uzbekistan are looking to boost economic ties. The countries will constitute a group to conduct a feasibility study and commence negotiations for a preferential trade agreement by the end of 2018. Under a PTA, two trading partners reduce or eliminate duties on a certain number of goods traded between them.

The target is to have bilateral trade worth $1billion by 2020 and to balance the trade between the two countries by reducing the existing trade deficit. The two countries will encourage their business communities, companies and enterprises to participate in exhibitions, trade fairs, business forums and other joint business activities.

Indian universities will offer courses in tourism and hotel management in Uzbekistan. Indian companies have been encouraged to set up an IT park in Uzbekistan. To promote investments, companies and the business community will be offered incentives.

Underlining the importance of food and nutrition security, India and Uzbekistan will enhance cooperation in agriculture and allied activities by way of exchange of technology in crop production, improved water use efficiency, plant quarantine, animal husbandry, food processing and agriculture and food trade. Bilateral trade between the two countries stood at $235 million in 2017-18. It was $155.5 million in 2016-17.