Russia, Uzbekistan Bilateral Trade To Reach US$10 Billion in 2023

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Russia and Uzbekistan plan to increase bilateral trade to $10 billion this year against US$9.3 billion in 2022, Konstantin Zlygostev, Russia’s Trade Representative in Uzbekistan has stated at the opening of the Made in Russia exposition as part of the international construction exhibition UzBuild-2023 in Tashkent.

“The task set by the leaders of the two countries to achieve a trade turnover level of $10 billion, I am sure, it will submit to us already this year.” Zlygostev said, recalling that in 2022, the bilateral trade turnover between the two countries reached US$9.3 billion.

According to the head of the Russian trade mission, an important task in the field of economic cooperation between Russia and Uzbekistan remains the transition of the companies of the two countries from export-import operations to real industrial cooperation.

“We see this as a guarantee for the further growth of our trade turnover,” Zlygostev said.

Russia is one of the largest foreign trade partners of Uzbekistan. At the end of 2022, trade turnover between the countries increased by 23% compared to 2021 up to $9.28 billion (18.6% of the total foreign trade turnover of Uzbekistan). Russian investments in Uzbekistan amount to more than US$10 billion.

Uzbekistan is an observer member of the Eurasian Economic Union (EAEU) which also includes Russia in this free trade bloc together with Uzbekistan’s neighbours, Kazakhstan and Kyrgyzstan. Should Uzbekistan join the EAEU, multilateral trade would significantly increase.

Source: Finmarket

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