New Delhi, Aug. 3 -- India and Uzbekistan are looking to more than bilateral trade to about $3 billion over the next three years, with commerce and industry minister Piyush Goyal on Monday saying the two countries could also explore a free trade agreement (FTA) as they deepen economic ties.

The renewed push comes as both countries seek to diversify economic ties beyond traditional sectors, with Uzbekistan inviting Indian companies to expand investments in mining, metallurgy, chemicals, energy, pharmaceuticals, automobiles and digital infrastructure. Both sides also agreed to work towards easing market access and reducing trade barriers.

Addressing the India-Uzbekistan Business Forum in New Delhi, Goyal said trade would have to "lead fro...