Tashkent, the capital of Uzbekistan, is currently hosting the fifth business forum on the eve of the 16th summit of the Economic Cooperation Organization (ECO).
This forum is expected to serve as a vital platform for launching substantial initiatives aimed at liberalizing and harmonizing trade policies, reducing business costs, enhancing financial infrastructure and institutional capacity, and simplifying trade procedures.
Uzbekistan has experienced a notable uptick in trade with ECO member countries, with trade turnover exceeding $1.13 trillion. Over the past year, cooperation within the ECO has intensified significantly, with trade turnover in 2021 increasing by 35.1% to reach $11.2bn. In 2022, the growth trend persisted, with trade turnover increasing by 10.4% to $12.4 bn. The ECO now accounts for 24.7% of Uzbekistan's foreign trade, demonstrating its growing significance on the global stage.
Notably, Uzbekistan's exports reached $5.75bn, marking a 6.3% increase from the previous year. Imports also surged, reaching $6.62bn, representing a 14.3% increase. In the previous year, 29.8% of total exports originated from ECO member countries.
Among these countries, Kazakhstan held the largest share of trade at 37.5%, followed by Turkey at 26.3%. Kyrgyzstan, Turkmenistan, Afghanistan, Tajikistan, Iran, Pakistan, and Azerbaijan also contributed to the overall trade volume.
The growth of trade cooperation within the ECO continues to strengthen Uzbekistan's economic ties with its regional partners, promoting collaboration, and facilitating mutually beneficial trade relations.
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