Kazakhstan and Uzbekistan are working to significantly increase bilateral trade by removing barriers and streamlining border procedures, aiming for $10 billion in annual trade volume.
Kazakhstan and Uzbekistan have announced a goal of more than doubling trade volume in “the coming years.” To hit that very ambitious target, top officials from both countries intend to remove trade barriers . The two countries accounted for 57 percent of all trade in Central Asia in 2023, with bilateral turnover amounting to $4.5 billion during the year. The pace of trade has dipped so far this year, with total volume totaling $1.2 billion during the first four months of 2024.
Meanwhile, Bektenov said Kazakhstan would focus on developing two sectors, agro-food and industrial cooperation, to drive an expansion of trade. The Kazakh-Uzbek commitment to breaking down trade barriers fits in with a US-facilitated plan, dubbed the B51, to promote commerce on the nascent East-West corridor. Under the first phase of the B51 framework, the onus is on Central Asian states to create a streamlined and unified regional trade regime, as well as enhance property rights protections.
Uzbekistan Trade Central Asia B5+1 Economic Cooperation Abdulla Aripov Olzhas Bektenov Water Management Trade Barriers
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