UZBEZIN, TASHKENT: Uzbekistan and Kazakhstan have established unprecedented levels of diplomatic and trade relations, indicating a strategic alliance with potential for economic and cultural cooperation.
The signing of important agreements on allied ties and the demarcation of the state boundary during the state visit of the president of Kazakhstan to Uzbekistan on December 22, 2022, represented a major advancement in their cooperation efforts.
Fifteen official documents were signed during this visit, including one that established the Central Asia International Industrial Cooperation Center and promoted collaboration in environmental education and protection. Notably, $8 billion worth of trade and investment agreements were signed, demonstrating the growing economic ties between the two countries.
The idea put out by Deputy Prime Minister Jamshid Khodjayev to establish a combined foreign trade firm and an international center for industrial collaboration gained traction, and Kazakhstani service providers and producers went on a trade mission to Tashkent. As a result of this endeavor, export contracts worth more than $44.1 million were signed.
Also Read: Kazakhstan-Pakistan alliance strengthens transit and transport
These events highlight Kazakhstan’s and Uzbekistan’s joint dedication to advancing Central Asian peace and prosperity in the face of international political and economic obstacles. Strengthening economic and cultural connections have the potential to increase investment, improve trade terms, build infrastructure, and improve the standard of living for people in both countries.
During ministerial talks, Kazakhstan’s Arman Shakkaliyev and Uzbekistan’s Laziz Kudratov stressed the importance of quickly establishing the International Industrial Cooperation Center “Central Asia.” The goal was to raise the bilateral trade turnover from $4.1 billion to $10 billion, and the means to do this was through the implementation of trade contracts and investment agreements.
In order to accomplish this, it is essential that UzKazTrade, a jointly founded business that provides an internet trading platform, be established. The development of transportation infrastructure and the bolstering of regional trade links are indicators of Kazakhstan’s strong economic growth, which is demonstrated by the rise in freight transit by road and rail.
With a GDP predicted by the International Monetary Fund to reach $259.3 billion in 2023, Kazakhstan is expected to become a major economic force in Central Asia and the Commonwealth of Independent States. Kazakhstan’s dedication to shared economic progress is consistent with efforts to strengthen trade ties; by 2028, it is expected that GDP will have increased to $354.7 billion.
These financial achievements and objectives for the future demonstrate Kazakhstan’s and Uzbekistan’s commitment to each other’s prosperity. As part of ongoing efforts to strengthen regional cooperation, trade and diplomacy are focusing on creating an environment that is favorable to sustainable development.
The creation of programs like UzKazTrade and the International Industrial Cooperation Center “Central Asia” is essential to the development of economic relations. The Uzbekistan-Kazakhstan collaboration gives an example of a successful bilateral alliance, creating beneficial economic and social improvements, achieving common goals, and building mutual trust and cooperation.
