Uzbekistan and Kazakhstan have agreed to establish a collaborative working group. The two nations intend to create an online trading platform through the joint foreign trade company UzKazTrade, TuraNews.kz reports.
The decision to form a joint working group was reached during discussions between Laziz Kudratov, the Minister of Investment, Industry, and Trade of Uzbekistan, and Arman Shakkaliev, the Minister of Trade and Integration of Kazakhstan. The agreement was formalized on January 5 during Minister Shakkaliev’s visit to Uzbekistan.
The ministers focused on implementing the roadmap for investment agreements and trade contracts signed during President Kassym-Jomart Tokayev’s visit to Uzbekistan. They also delved into ongoing projects and explored prospects for furthering trade, economic relations, and industrial cooperation between the two nations.
Despite a slight dip in recent years, bilateral trade has surged nearly 2.5 times over the past seven years, escalating from $1.9 billion in 2016 to $4.6 billion in 2023.
To propel trade to even greater heights, both parties have agreed upon several measures aimed at achieving a target trade turnover of $10 billion in the coming years. The collaborative effort includes the establishment of an online trading platform within the joint foreign trade company UzKazTrade. This platform is anticipated to facilitate the sale of a diverse array of goods in the markets of both countries.
