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    World Economics Tajikistan

    Russia and Central Asia reach total volume $44bn trade turnover in 2024

    Russia and Central Asia reach total volume $44bn trade turnover in 2024

    Russian Deputy Foreign Minister Mikhail Galuzin emphasized Russia's role as a reliable and key trading and economic partner for the Central Asian region. His remarks underscored the consistent growth in trade turnover, reaffirming Russia's significant economic influence in the area, as it was delivered via videoconferencing at the 4th Central Asian Conference of the Valdai International Discussion Club on May 14.

    Photo: Russian Deputy Foreign Minister Mikhail Galuzin emphasized Russia's role as a reliable and key trading and economic partner for the Central Asian region
    Source: ASIA-Plus 

    Galuzin noted that the total volume of trade turnover between Russia and Central Asian countries exceeded $44 bn last year, with Russia accounting for one-third of Central Asia's foreign trade turnover. He further highlighted the substantial role of national currencies in mutual settlements between Russia and Central Asian nations.

    "The share of mutual settlements of Russia with Kazakhstan, Kyrgyzstan, and Tajikistan in national currencies reached 80%," Galuzin stated. He also pointed out that the share of such settlements between Russia and Uzbekistan was 55%, and between Russia and Turkmenistan, 24%.

    In addition to trade, Russia's contribution to employment in Central Asia was a key point in Galuzin's address. He mentioned that Moscow alone provides employment to over 600,000 citizens from Central Asian countries.

    "The absence of visa barriers, with the exception of Turkmenistan, the presence of a special regulatory framework, and the prevalence of the Russian language in the region make the Russian labor market almost no alternative for citizens of Central Asian countries going abroad for work," he added.

    Galuzin also expressed optimism about the economic prospects of the Central Asian region, highlighting its positive growth potential.

    Expanding Use of National Currencies

    The practice of mutual settlements in national currencies among Central Asian countries and Russia has been expanding. This shift is part of a broader initiative within the Shanghai Cooperation Organization (SCO), which has been working on a roadmap to increase the use of national currencies in mutual settlements.

    On February 21, 2023, Kazakhstan chaired a videoconference meeting of the Expert Group on implementing the roadmap to gradually increase the share of national currencies in mutual settlements between SCO member states. This meeting included representatives from finance and economic ministries, national (central) banks of the concerned member states, and officials from the SCO Secretariat.

    The roadmap, approved by the SCO Heads of State Council in September 2022 in Samarkand, Uzbekistan, aims to create favorable conditions for the system's functioning and boost transactions in national currencies among SCO member states. 

    Earlier Daryo reported that Central Asian countries, such as the Kyrgyz Republic, Uzbekistan, and Kazakhstan, have become significant trading partners for EU-EBRD economies. In 2023, these nations saw remarkable export growth, with inflation-adjusted EU exports to the Kyrgyz Republic surging by 172% year-on-year. This increase highlights Central Asia's rising importance as a destination for EU exports, driven by enhanced economic cooperation and investment prospects.

    Looking forward Central Asian countries continue to be attractive markets for EU-EBRD exports. The potential for sustained growth in manufacturing exports to Russia and opportunities in the IT sector further emphasize Central Asia's strategic role in the evolving trade landscape.

    17.05.2024, 23:53   Comments (0)   2553
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