In a significant development in the economic landscape of the Commonwealth of Independent States (CIS), Uzbekistan has taken the top position among trade partners of the Eurasian Economic Union (EAEU). The announcement was made by Sergei Glazyev, the Minister for Integration and Macroeconomics of the Eurasian Economic Commission (EEC), underscoring the growing synergy between Uzbekistan and the EAEU that has led to substantial growth in trade and economic collaboration.
Since the inception of the Eurasian Economic Union, trade relations between the EAEU and Uzbekistan have shown remarkable progress, with trade turnover tripling. This burgeoning partnership has now placed Uzbekistan at the forefront of the EAEU's foreign trade dealings with CIS countries, constituting nearly half of the total trade volume.
The year 2021 witnessed a remarkable surge in trade turnover between the Union and Uzbekistan, marking a 30% increase compared to the previous year. The trade volume soared to an impressive $11.2 bn during this period, signaling the robustness of this economic alliance. This growth is particularly noteworthy as it highlights the upward trajectory of trade relations during a year marked by global economic challenges.
The report from the EEC reveals that this remarkable increase in trade turnover was driven by significant growth in both exports and imports between the EAEU and Uzbekistan. Exports surged by 17.9%, reflecting the appeal of EAEU member states' products in the Uzbek market, while imports soared by an impressive 39.1%, indicating Uzbekistan's growing appetite for EAEU goods and services.
Uzbekistan's ascent as the leading trade partner within the EAEU among CIS nations showcases the region's growing economic integration and its ability to foster mutually beneficial partnerships. This achievement not only highlights the thriving commerce between the EAEU and Uzbekistan but also underscores the potential for further economic cooperation and investment opportunities in the region.
The positive trajectory of trade relations between the EAEU and Uzbekistan is expected to continue, with both parties committed to deepening their economic ties.
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