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The issues of accelerated development of economic partnership between Uzbekistan and Russia were discussed

On October 27, as part of the Uzbek government delegation’s visit to the Russian Federation, a meeting was held between the co-chairs of the Uzbek–Russian Intergovernmental Commission on Economic Cooperation – Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov and Minister of Economic Development of the Russian Federation M.Reshetnikov.

During the meeting, a constructive exchange of views took place on the current state and prospects for deepening economic partnership between the two countries in priority areas.

Specific investment projects, proposals for increasing mutual trade, strengthening transport and logistics ties as well as developing cooperation in the banking and financial sectors were considered in detail.

The new most promising initiatives were considered, including proposals developed by the Project Office established between the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan and the Ministry of Industry and Trade of the Russian Federation.

Noting the significant potential for increasing the Uzbek-Russian trade turnover, the parties agreed to conduct a deep and comprehensive study of all existing barriers and develop mechanisms to eliminate them, including through the harmonization of technical regulations and standards, sanitary and phytosanitary standards, as well as digitalization of customs procedures.

The format of further cooperation to improve conditions for increasing the volume of mutual cargo transportation has been determined, including by increasing the efficiency of using existing and creating new transport corridors connecting the two states.

The parties agreed to accelerate the finalization and coordination of a new “Program of trade, economic, investment, cultural and humanitarian cooperation for 2022-2026” – a single strategic document defining the further development of bilateral cooperation between Uzbekistan and Russia with the indication of specific measures, mechanisms, timelines and responsible agencies. The roadmap for its implementation will be developed simultaneously.

With the involvement of the heads of relevant ministries and agencies, all existing issues in key areas of cooperation were discussed, mutually acceptable solutions were worked out, further actions to promote joint projects and initiatives were outlined. Following the meeting, the parties agreed to intensify cooperation in the considered areas of cooperation.