Trade turnover between Uzbekistan and Turkmenistan increased 5 times over 4 years

The event was also attended by heads of key ministries, departments, industry associations and chambers of commerce and industry of the two countries.

During the meeting, an exchange of views took place on the current state of bilateral cooperation in the investment, industrial, trade-economic, transport-logistics, cultural and humanitarian fields, as well as in the areas of water use, interregional cooperation and food security. 

The parties noted significant progress in the development of bilateral trade: for example, over the past 4 years, trade turnover between the two countries has increased 5 times, and in 2021, it increased by 65%, amounting to about $880 million. Mutual readiness was expressed to intensify joint work to promote the implementation of existing trade contracts and establish partnerships between entrepreneurs and manufacturers of the two countries in order to increase the volume of mutual trade to $1 billion in the near future.

The importance of joint efforts to promote the potential of interregional cooperation was also noted. The parties discussed measures to prepare for the first Forum of the Regions of Uzbekistan and Turkmenistan this year, which is designed to become a platform for establishing direct ties between the administrations and business circles of the two countries.

In addition, a number of issues were substantively considered in the areas of water management, cooperation and implementation of joint projects in the field of transport, development of a network of common transport corridors and building up the transit potential of the two countries, implementation of joint programs in the field of culture and tourism.

During the meeting, an agreement was reached on the exchange of experience in improving the efficiency of agricultural land use, introducing international food quality standards and ensuring food security.

Following the event, the parties expressed their readiness to continue active interaction in all considered areas of cooperation aimed at strengthening the multilateral partnership between Uzbekistan and Turkmenistan. A number of investment and export agreements were signed between the business entities of the two countries in the fields of agriculture, electrical engineering, the chemical industry and the production of building materials.