India and Uzbekistan are targeting to double bilateral trade to around $3 billion over the next three years, Commerce and Industry Minister Piyush Goyal said at the India-Uzbekistan Business Forum, as per news reports.
He also indicated that the two countries could explore a free trade agreement (FTA) to strengthen economic ties.
Goyal said bilateral trade currently stands at around $1.5 billion, while merchandise trade in FY26 was approximately $672.5 million. He stressed that trade should play a leading role in strengthening economic relations and called for efforts to double trade within the next three years.
His remarks follow the agreement reached during the 14th Session of the India-Uzbekistan Intergovernmental Commission, where both countries committed to addressing non-tariff barriers and expanding cooperation across multiple sectors.
Responding to the possibility of a trade pact, Goyal described an India-Uzbekistan FTA as a "promising idea" and said both sides could explore such an agreement to deepen economic cooperation.
He also highlighted India's strengths in information technology, digital public infrastructure and skilled manpower, while noting Uzbekistan's opportunities in mining and cotton production.
Uzbekistan's Minister of Investment, Industry and Trade Laziz Kudratov invited Indian companies to invest in the country's mining and metallurgy sector, highlighting reserves of gold, copper, uranium, critical minerals and rare earth elements.
He said around 400 Indian companies already operate in Uzbekistan, with a joint project pipeline exceeding $5 billion. He also encouraged investments in fertiliser manufacturing, pharmaceuticals, vaccines, renewable energy and automotive components.
Earlier this year, India and Uzbekistan identified pharmaceuticals, agriculture, engineering goods, electronics, healthcare services, ICT and critical minerals as priority sectors for expanding bilateral economic cooperation.
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India and Uzbekistan have set a target of increasing bilateral trade to around $3 billion within three years while exploring the possibility of an FTA. Both countries are also looking to expand collaboration across sectors including mining, pharmaceuticals, renewable energy, critical minerals and manufacturing.
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Published on: Aug 3, 2026, 4:30 PM IST
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