Uzbekistan and Russia aim for $30 billion trade as energy projects advance

POLITICS 18:39 / 27.05.2024 1885

The President of Uzbekistan, Shavkat Mirziyoyev, and the President of Russia, Vladimir Putin, held negotiations in Tashkent with the participation of official delegations in an expanded format.

The discussions focused on further developing and deepening the comprehensive strategic partnership and alliance relations between Uzbekistan and Russia, primarily in the political, trade-economic, and cultural-humanitarian fields.

The current high level and uniqueness of bilateral relations were highlighted with satisfaction, emphasizing the all-encompassing nature of interstate cooperation.

"Your state visit can rightly be called historic. It marks the beginning of a new phase in the extensive strategic partnership and alliance relations between our countries," said Shavkat Mirziyoyev.

During the talks, the parties agreed to continue active ties at the levels of parliaments, governments, ministries, agencies, regions, the public, experts, and business circles.

To this end, the full potential of the Joint Commission at the level of prime ministers and the Intergovernmental Commission will be utilized, with their next meetings to be held by the end of this year.

The sides also emphasized the need to continue regular political consultations and close cooperation within the framework of international and regional structures such as the UN, CIS, SCO, and other multilateral platforms.

The steady growth rate of mutual trade turnover was noted with satisfaction. It has increased 2.5 times over the last 7 years. The parties have agreed on a new targeted indicator — to bring the trading volume from the current $10 billion to $30 billion in the near future.

To facilitate these tasks, a fully-fledged Uzbek trade representation office will be established in Russia.

At today's summit, new industrial cooperation projects valued at over $20 billion were prepared in various sectors like energy, metallurgy, petrochemistry, machinery, mining, agriculture, logistics, pharmaceutical, artificial intelligence, and more.

A joint Investment Platform will be launched to advance such projects.

In the energy sector, agreements were reached for the modernization of the gas transport system, the increase of gas, oil, and oil products supply volumes, and the implementation of hydrocarbon processing projects.

Furthermore, within the scope of the visit, agreements were signed to carry out a project for constructing a low-power nuclear power station in Uzbekistan.

The rapidly developing cooperation between regions was especially highlighted. Last week, the leaders from all regions of Uzbekistan visited Russia. Today, under the presidency of the state leaders, the first session of the Council of Regions of Uzbekistan and Russia takes place.

Key strategic areas, including food security, innovation, digital technologies, artificial intelligence, and migration, were also discussed.

Active exchanges will continue in culture and arts, science, health care, tourism, youth, and sports.

The sides welcomed the agreements reached to open branches of the Bauman Moscow State Technical University and the All-Russian Foreign Trade Academy in Uzbekistan.

During the meeting, short reports of the delegation members and concrete proposals for practical cooperation in various sectors were heard.

Following the negotiations, the state leaders instructed the adoption of "roadmaps" for each direction, anticipating mechanisms of implementation.

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