Singapore-Uzbekistan free trade pact moves from idea to talks
The governments of Uzbekistan and Singapore have said they want to pursue a free-trade agreement but have yet to give a timetable. Talks extend to broader investment with deals on food production and economic zones.
Senior Minister Lee Hsien Loong has met the Uzbek minister of investment, industry and trade, Laziz Kudratov, during his first visit to Uzbekistan on Friday. The officials have signed an array of documents, including one setting out Tashkent’s and Singapore’s intention to work towards a free-trade agreement.
Singapore’s Ministry of Trade and Industry said the countries were developing the framework for a modern agreement intended to make cross-border business easier, The Straits Times reported. The time frame for the negotiations has yet to be announced.
Had a good meeting with the President of Uzbekistan Shavkat Mirziyoyev @president_uz. We reaffirmed the good relations between Singapore and Uzbekistan, and discussed strengthening our bilateral cooperation. – LHL https://t.co/LSJz2ADsX0 pic.twitter.com/bn54GCDxe9
— leehsienloong (@leehsienloong) August 28, 2026
The proposed deal could cut tariffs and other barriers for companies moving into either market, but both countries are starting from a low base.
The Straits Times reported that bilateral goods trade was S$69m ($54m) in 2025, while services trade was S$109.6m in 2024. Singapore’s direct investment stock in Uzbekistan was S$390 million that year.
For perspective, Singapore’s total merchandise trade reached S$1.4 trillion in 2025. The proposed deal is therefore a bet on trade that could be created, rather than an attempt to manage an already large flow of goods.
Read more: Uzbekistan’s trade turnover grows 7.4% YoY in H1 2026
Wilmar and Indorama move deeper into food production
A separate agreement supports a joint project involving Singapore-based Wilmar International and Indorama.
Singapore’s trade ministry said the venture would build and operate a flour and vegetable-oil production and processing plant in the Tashkent region. An investment agreement providing Uzbek government support is still being finalised, according to The Straits Times.
The plan fits Wilmar’s existing business model, which links oilseed processing and flour milling with edible oils, animal feed and consumer food products. The company operates more than 1,000 plants worldwide.
Read more: Uzbekistan and Singapore agree on new investment and trade initiatives
Indorama already has a substantial Uzbek footprint spanning cotton, textiles and fertilisers, including Fergana Azot, according to the company’s list of international operations.
