Russia, Uzbekistan Look To Triple Bilateral Trade By 2030

Laziz Kudratov, Uzbekistan’s Investment, Industry and Trade Minister, has stated that Uzbekistan and Russia have every chance of increasing bilateral trade to US$30 billion by 2030, speaking at the Uzbek-Russia working group for increasing bilateral trade being held in Moscow.

Kudratov pointed to the major expansion of the structure of goods and the increasing share of products with added value. The implementation of a joint action plan boosting Uzbek-Russian trade in 2024-2030 is crucial for achieving the target, Kudratov said.

Kudratov also visited the Russian Foreign Trade Academy to discuss cooperation details and plans to open a branch of the Academy in Tashkent. The Uzbek Agency of Statistics estimates bilateral trade stood at US$9.8 billion in 2023.

Russian President Vladimir Putin had visited Tashkent in May and signed 27 documents aimed at expanding bilateral cooperation in various sectors with the Uzbekistan President Shavkat Mirziyoyev. These included agreements to expand cooperation in trade, culture, tourism, health, transportation, aviation, higher education, and energy, as well as a contract to build a low-power nuclear power plant in Uzbekistan.

Tashkent has also indicated it is prepared to discuss full membership of the Eurasian Economic Union, which if happened, would provide free trade access to Russia as well as Armenia, Belarus, Kazakhstan, Kyrgyzstan and its associated free trade agreements with China, Iran, Serbia and Vietnam.