live Deal to reopen Strait of Hormuz expected 'soon' - U.S. official
An agreement between Iran and the U.S. to reopen the Strait of Hormuz is expected "soon," a U.S. official has said. The deal would result in the resum...
Uzbekistan and Türkiye have agreed to expand the range of products eligible for preferential tariff treatment, signing a protocol that adds eight new tariff lines to their Preferential Trade Agreement (PTA). The move increases the total number of covered product categories from 12 to 20.
The protocol was signed following a meeting of the Uzbekistan–Türkiye Joint Working Group on the PTA, co-chaired by Uzbekistan's Deputy Minister of Investment, Industry and Trade, Akram Aliyev, and Türkiye's Deputy Trade Minister, Mustafa Tuzcu.
Although officials have not yet disclosed the newly added product categories, both governments said the additional tariff lines were selected based on the structure of bilateral imports and exports, with different preferential duty rates applying to different products.
The two sides also agreed to continue negotiations on further expanding the agreement on a reciprocal basis.
When the PTA entered into force in July 2023, it granted tariff preferences for 12 product categories from each country.
Uzbekistan's exports covered by the agreement are largely agricultural products, including vegetables, fresh and dried fruit, raisins, dried apricots, peaches, beans, almonds, walnuts and peanuts.
Türkiye, meanwhile, received preferential access for a range of industrial goods, including electrical transformers, inductors, electrical connectors and conductors, steel pipes, rolled iron and steel products, and centrifugal pumps.
The agreement reflects the complementary nature of bilateral trade, with Uzbekistan exporting agricultural commodities while importing industrial equipment and manufacturing inputs from Türkiye.
The Ministry of Investment, Industry and Trade said the expanded agreement is expected to boost bilateral trade and increase export and import volumes, supporting the goal set by the leaders of both countries to raise annual trade turnover to $5 billion.
Expanding the list of products eligible for preferential tariffs has been identified as one of the main tools for achieving that target.
An agreement between Iran and the U.S. to reopen the Strait of Hormuz is expected "soon," a U.S. official has said. The deal would result in the resumption of commercial shipping through the sea passage and the lifting of an American naval blockade on Iranian ports.
U.S. President Donald Trump said negotiations to reopen the Strait of Hormuz are progressing and suggested an agreement with Iran could be reached “soon”.
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