AKIPRESS.COM – Uzbekistan and Serbia have begun preparing a free trade agreement that envisages the establishment of zero-rate tariffs on goods on a reciprocal basis, gazeta.uz reported, citing Minister of Investment, Industry and Trade of Uzbekistan Laziz Kudratov.

According to him, the parties expect to finalize the draft agreement and sign it in the near future.

“We have started working on a free trade agreement. We will soon complete the draft and sign it. This will create attractive conditions for Uzbek products in the Serbian market,” the Minister said.

Kudratov noted that the agreement would involve working out the application of zero-rate tariffs to the entire range of goods on a mutual basis.

“We have thoroughly analyzed Serbia’s economy and can say with certainty that the economies of Uzbekistan and Serbia are not competitors but can complement each other. Therefore, this agreement will benefit both sides,” he stated.

In addition, the countries adopted a separate industrial cooperation program. It includes projects in light industry, agriculture, pharmaceuticals, geology and metallurgy, as well as IT.

According to the Minister, online negotiations with Serbian companies had been taking place for two months prior to the visit. Government agencies and major private businesses from Uzbekistan took part in negotiations. 

Kudratov also commented on plans to launch direct air links between Uzbekistan and Serbia. He stated that negotiations are ongoing, with discussions focused on creating the necessary conditions for both Air Serbia and Uzbek airlines.

“We have reached an agreement on this matter as well and have already begun work toward the early signing of an intergovernmental agreement and the launch of reciprocal flights,” the Minister said. Serbian President Aleksandar Vučić previously announced plans to launch the flights within seven to eight months.

Railway projects in Serbia involving the company O’zbekiston Temir Yo’llari (Uzbekistan Railways) and Uzbek construction teams could serve as another area of ​​cooperation.

According to Kudratov, the transport agencies of both countries are discussing two projects covering two routes. A relevant protocol is scheduled to be signed following the meeting between the Presidents.

“This will be the first project to enable Uzbek builders to enter the European market and participate in construction projects in Europe,” the Minister noted.

He added that the successful implementation of these projects could lay the groundwork for Uzbek companies to participate in similar infrastructure projects elsewhere in Europe.