Why is this important
Uzbekistan’s participation in the Supreme Eurasian Economic Council meetings reflects the deepening of Uzbekistan’s cooperation with the Eurasian Economic Union as an observer. The almost twofold increase in foreign trade turnover with the EEU countries in recent years indicates the practical significance of this format of cooperation for the country’s economy. Discussion of specific mechanisms — from customs data exchange to industrial cooperation — demonstrates the transition from political dialogue to applied solutions.
What happened
- The leader of Uzbekistan spoke at the meeting of the Supreme Eurasian Economic Council in St. Petersburg.
- The President outlined key areas of cooperation between the country and the EEU and its institutions, and also supported the start of negotiations on an agreement on the exchange of customs information.
Numbers and facts
- The EEU includes Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
- Uzbekistan received observer status in the EEU in 2021.
- Since receiving this status, Uzbekistan’s foreign trade turnover with the Union countries has almost doubled.
- The Government of Uzbekistan is implementing a three-year joint plan with the Eurasian Economic Commission in the areas of trade, industry, finance, the agricultural complex, and transport.
Context
- The proposals voiced indicate Uzbekistan’s interest in reducing trade and administrative barriers in interaction with the EEU countries.
- The emphasis on digitalization, unification of requirements, and coordination with other regional structures implies simplifying foreign economic activity for businesses.
- The expansion of cooperation with the financial institutions of the union creates a basis for attracting investments to large sectoral projects.
