Russian Deputy Foreign Minister, Mikhail Galuzin, reported that the trade turnover between Russia and Central Asia surpassed $44 bn in 2023. This represents 33% of Central Asia's foreign trade, mainly due to the transition to settlements in national currencies. Galuzin stated that settlements in national currencies now account for 80% of Kazakhstan, Kyrgyzstan, and Tajikistan, 55% with Uzbekistan, and 24% with Turkmenistan.
During the Valdai Club conference, Galuzin emphasized Russia's role as a reliable trade and economic partner for the region, citing the consistent growth in trade turnover. Alexander Novak, a Russian official, noted that about 80% of Russia's oil and gas sales are conducted in rubles and Yuan, reflecting a global trend away from the US dollar. Novak also highlighted that the trade turnover between Russia and China reached a record $240.1 bn last year, indicating the increasing use of national currencies in international trade.
The growing use of national currencies and the strengthening trade ties between Russia and Central Asia reflect a broader global trend towards diversifying settlement currencies and reducing dependence on the US dollar in international trade.
Currently, according to Galuzin, Russian capital provides employment for more than 600,000 people in Central Asian states.
According to the deputy minister, Russia is directing its efforts in trade and economic cooperation with Central Asian states, including intergovernmental commissions and business councils, towards consistent collaboration. This approach considers the Central Asian region's highly promising economic growth prospects.
Earlier, Daryo reported that the trade turnover between Uzbekistan and Italy reached $114 mn in 1Q24, showing a slight decrease of 0.44% compared to the same period in 2023 when it was $114.5 mn. Italy held the 18th position among Uzbekistan's top trading partners. Uzbekistan exported goods worth $11.3 mn to Italy, while imports from Italy to Uzbekistan totalled $102.7 mn in 1Q24.
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