Bangladesh and Uzbekistan will form Joint Working Group (JWG) this year to boost bilateral trade and investment removing different barriers.
Commerce Minister Tipu Munshi disclosed the information to the reporters after the '3rd meeting of the Bangladesh-Uzbekistan Intergovernmental Commission on Trade and Economic Cooperation', held at a hotel in the city, said a press release.
"Bangladesh has many opportunities to increase trade and investment with Uzbekistan. To take advantage of this opportunity, it has been proposed to set up an embassy of Uzbekistan in Dhaka. It is hoped that a positive outcome will be obtained within a very short time," he added.
He said the JWG will be formed within this year to enhance trade and investment.
This meeting will be held in Uzbekistan next year (2023), he added.
Tipu Munshi led the Bangladesh side while Uzbekistan Deputy Prime Minister Jamshid Khodjaev led the Uzbek side in the meeting.
In the meeting, both sides discussed enhancing cooperation in various areas such as trade and economic cooperation, cooperation in textile, RMG, agriculture, foods and fruits sector, pharmaceuticals sector, leather and footwear and cooperation in tourism and transport sectors.
Bangladesh also highlighted duty-free market access opportunities in major developed economies and the tremendous reputation of RMG and textile industries in the international market.
The Bangladesh side also urged the Uzbek side for importing pharmaceutical products and generic drugs from Bangladesh as it is producing high-quality medicine and drugs and exporting to more than 100 countries including the USA, the UK, Japan, Singapore, Australia and major developed countries.
Bangladesh also proposed to sign an MoU between the Bangladesh Association of Pharmaceutical Industries (BAPI) and the relevant Uzbek agency.
The Uzbek side proposed to cooperate in the localization of high-quality pharmaceuticals, and generic drugs and explore technical know-how. The Uzbek side requested enhanced collaboration to promote technology transfers, skill development and training activities in the textile sector.
It also emphasized collaborating in areas of high fashion design, fashion accessories, and fashion garments of the textile sector.
To intensify mutual tourism, both the sides agreed to expedite the signing of an agreement between the Ministry of Civil Aviation and Tourism of Bangladesh and the Ministry of Tourism and Cultural Heritage of Uzbekistan.
Both sides noted the importance of restoring direct flights " Dhaka - Tashkent - Dhaka " and agreed to study the possibility of a code-sharing agreement between Biman Bangladesh Airlines and Uzbekistan Airways JSC.