Commerce and Industry Minister Piyush Goyal on Monday, 3 August called for doubling India-Uzbekistan bilateral trade within three years, inviting businesses from both nations to co-invest, co-manufacture, and co-innovate. Goyal made the remarks while addressing the India-Uzbekistan Business Forum in New Delhi, alongside visiting Uzbek Investment, Industry, and Trade Minister Laziz Kudratov.

Current Trade Baseline and the Target

Goyal noted that bilateral trade between India and Uzbekistan has crossed approximately $1.5 billion, but described this as only a fraction of what the two economies can achieve together. He called for concerted efforts by both governments and business communities to double that figure over the next three years. The minister characterised the strategic partnership as founded on mutual trust, respect, and a shared vision for prosperity.

Key Sectors Identified for Collaboration

Goyal outlined several sectors he said offer strong complementarities. In mining, he said Uzbekistan presents substantial opportunities for Indian investment. On textiles, he highlighted Uzbekistan's strength in cotton production alongside India's leadership in the textile industry, proposing joint expansion into garment manufacturing, design, and global markets.

In pharmaceuticals and healthcare, Goyal said India — recognised globally as the pharmacy of the world — can support Uzbekistan's healthcare modernisation through affordable medicines, medical devices, diagnostics, telemedicine, and training of doctors and paramedics. He also proposed reviving cooperation in traditional medicine systems including Ayurveda, Yoga, and Unani, which have historical links with the Uzbek region.

On agriculture and food processing, he said cooperation in packaging, cold chains, and agri-tech could help build global value chains benefiting farmers in both countries. He also underlined India's readiness to collaborate on Digital Public Infrastructure, fintech, agri-tech, medtech, engineering components, automotive parts, and advanced manufacturing.

Bilateral Investment Treaty and Trade Facilitation

Referring to the recently concluded Bilateral Investment Treaty between India and Uzbekistan, Goyal said the agreement would enhance investor confidence and encourage long-term commercial partnerships. He urged elimination of trade barriers, mutual recognition of standards, testing and certification processes, greater digitalisation of customs systems, and development of more efficient trade routes.

The minister stressed that regulators and standard-setting authorities on both sides should strengthen cooperation to facilitate businesses, and that the economic partnership must be structured, time-bound, and outcome-oriented.

Broader Strategic Context

This comes amid India's broader push to deepen economic ties with Central Asian nations as part of its Connect Central Asia policy. Uzbekistan is India's largest trading partner in the region, yet the bilateral relationship remains well below its potential. Notably, this is the first high-level business forum between the two countries following the signing of the Bilateral Investment Treaty, signalling a more formal phase of economic engagement.

With both governments now working towards a structured partnership framework, the next step will be translating the forum's commitments into sector-specific roadmaps and measurable trade targets.