Russia, Uzbekistan eye $10B trade turnover

MOSCOW

Russia and Uzbekistan aim to reach $10 billion bilateral trade volume, Russian Prime Minister Mikhail Mishustin said on Friday.

Speaking at a Russian-Uzbek business forum in Samarkand, Uzbekistan, Mishustin expressed certainty that mutually beneficial projects will help achieve this ambitious goal.

The prime minister regretted that trade, industry, and logistics, undermined due to the coronavirus pandemic, were further damaged by actions of the Western countries, which put in doubt such key business notions as reputation, inviolability of property, binding contracts, and trust in world currencies.

"In this situation, it is only possible to effectively confront existing and future challenges together. Our country remains open to cooperation with friendly states," he said, adding that Uzbekistan is one of the countries with which Russia is building relations based on principles of equality, mutual respect, and consideration of each other's interests.

Mishustin noted that Russia last year became Uzbekistan's biggest trade partner, with an 18% share, and urged to maintain positive trends and launch new projects.

"The expansion of logistics schemes, the formation and improvement of transit transport corridors will make a significant contribution to the modernization of economic sectors, and, of course, which is natural, will increase the competitiveness of business," he said.

The Russian prime minister welcomed Uzbekistan's decision to join the Eurasian Economic Union as an observer, saying the full membership would give a powerful impetus to the development of direct cooperation ties in new areas.

He also said Russian business is widely represented in Uzbekistan, and over 2,700 enterprises with Russian participation work in the country in many sectors.