Uzbekistan and Republic of Korea ink $1bn worth agreements

Presidents of South Korea and Uzbekistan have agreed to launch negotiations on a bilateral free trade agreement, as they had a virtual summit on Thursday. 

South Korea remains one of the leading trade partners of Uzbekistan, with bilateral trade in 2020 reaching $2.1bn.

Uzbekistan, meanwhile, is planning to raise up to $400mn worth of South Korean investment for ongoing joint projects. In addition, 55 new projects are being prepared in high-tech industries worth over $3.4bn. Joint projects are set to be implemented in the energy, oil and gas sectors, petrochemicals, pharmaceuticals and processing industries, among others.

South Korean President Moon Jae-in has confirmed his readiness to provide full support for Uzbekistan's accession to the World Trade Organization (WTO).

The two sides agreed to continue cooperation within the framework of UN and other international structures, as well as within the framework of the Republic of Korea – Central Asia Cooperation Forum to promote programme in the fields of high technologies, and the green and digital economy.

Uzbek President Shavkat Mirziyoyev at the same time expressed his unwavering support for Seoul's efforts to resolve the situation on the Korean Peninsula peacefully.

Uzbekistan and South Korea have signed a Memorandum of Cooperation in the field of digitalization to promote the "fourth industrial revolution", a $1bn agreement for the implementation of a three-year programme with the EDCF, as well as loan agreements for the construction of a center of chemical technology.

The free trade agreement would be formally named the "Agreement for Sustainable Trade and Economic Partnership".