On 9 July 2020, the Intergovernmental Agreement on Mutual Promotion and Protection of Investments, signed during the visit of the President of the Republic of Uzbekistan to the Republic of Turkey on 25 October 2017, entered into force.
Under the terms of that instrument, most-favored-nation treatment was accorded to investments made by investors in two countries.
The agreement defines the legal framework for the protection of investors’ rights, the facilitation of capital and technology flows, and the free flow of remittances.
The document is intended to replace the previous intergovernmental Agreement of 28 April 1992 and is aimed at improving the mutual promotion and protection of investments in the light of current realities.
The Agreement provides a firm basis for reciprocal investment in the economies of the two States, as well as increasing the investment attractiveness of both countries to potential foreign investors.