KOR-Uzbek, Start Negotiations on Goods Trade Agreement... First Among 14 Countries in New Northern Policy

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The presidents of South Korea and Uzbekistan held their first bilateral meeting of the new year on the 28th and declared the commencement of negotiations for a trade agreement.

A senior Blue House official announced on the 28th that President Moon Jae-in and President Mirziyoyev of Uzbekistan held a summit and declared the start of negotiations. This is the first among the 14 countries targeted by the New Northern Policy.

At the summit, President Moon said, "It is meaningful to declare the start of negotiations for the bilateral trade agreement (STEP) together with the president at today's meeting," adding, "We expect it to promote economic growth and sustainable economic cooperation between the two countries."

President Mirziyoyev also responded, "We highly appreciate the New Northern Policy, which values comprehensive cooperation with Central Asian countries," and said, "I am very pleased to start the trade agreement negotiations through this meeting." Trade volume between South Korea and Uzbekistan has been steadily increasing, reaching a record high of $2.36 billion in 2019.

[Image source=Yonhap News]

On the same day, the two leaders also held in-depth discussions to expand industrial cooperation between South Korea and Uzbekistan. President Moon said, "The two countries have successfully cooperated in energy and infrastructure projects such as the Surgil Gas Chemical Plant ($3.6 billion)," and added, "I ask for the president's special attention and support for the Mubarek Power Plant modernization project ($600 million) and the Bukhara Refinery modernization project ($600 million)."

He continued, "I hope for interest and support so that Korean companies can participate in newly promoted renewable energy projects such as the Syrdarya Gas Combined Cycle Power Plant ($1.5 billion), Sherabad Solar Power Plant ($180 million), and Skeling Solar 2 Solar Power Plant project ($360 million)."

In response, President Mirziyoyev said, "Korea is a key partner in economy, technology, and investment," and added, "There is great interest in Korean companies participating in large-scale projects such as energy projects and renewable energy power plants."

Additionally, President Moon welcomed the signing of the 2021-2023 Basic Agreement on the Economic Development Cooperation Fund (EDCF) between South Korea and Uzbekistan and the Memorandum of Understanding (MOU) to expand digital industrial cooperation, expressing gratitude for President Mirziyoyev's support for the 180,000-strong Koryo-saram community. President Mirziyoyev expressed hope to expand cooperation between South Korea and Uzbekistan in various fields such as healthcare, education, and culture, and also expressed his gratitude to President Moon for South Korea's support last year for Uzbekistan's accession to the World Trade Organization (WTO).

After the 1 hour and 30 minute summit, President Moon said, "As a friend of Uzbekistan, Korea will always be a reliable partner on the journey toward the 'New Uzbekistan' that the president wishes to pursue," and President Mirziyoyev said, "Through today's friendly, constructive, and open discussions, we confirmed a strong will to develop bilateral relations," adding, "With Lunar New Year approaching, I would like to extend New Year's greetings to the Korean people on behalf of my entire family."