The governments of Uzbekistan and Kazakhstan plan to increase mutual trade volume to $10bn by transitioning to a full free trade regime and replacing imports from third countries. This was confirmed by the press service of Uzbekistan's Prime Minister, Abdulla Aripov.
The announcement followed the 21st meeting of the Intergovernmental Joint Commission on Bilateral Cooperation, held in Almaty on July 11-12. The meeting was chaired by the Prime Ministers of Uzbekistan and Kazakhstan, Abdulla Aripov and Olzhas Bektenov.
In light of the evolving geopolitical situation, the commission emphasized the importance of utilizing existing resources to achieve the $10bn trade target.
"Considering the geopolitical and rapidly changing situation, with the effective use of existing reserves, it is necessary in the coming years to increase the volume of mutual trade to $10bn. For this, it is essential to strengthen systematic work to replace imports from third countries and transition to a full free trade regime," the statement read.
The meeting also covered other areas of bilateral cooperation, including industrial collaboration, transportation, energy projects, agricultural development, and scientific and educational exchanges. The leaders also discussed the importance of strengthening regional ties.
The transition to a free trade regime and import substitution from third countries is seen as a strategy to deepen economic integration between Uzbekistan and Kazakhstan. Both countries aim to harness their economic potential and enhance resilience against global economic fluctuations.
Comments (0)