Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan and Kazakhstan have established a joint foreign trade company UzKazTrade. This was stated by the Ministry of Trade and Integration of Kazakhstan.

UzTrade Company (Uzbekistan) and QazTrade Trade Policy Development Center (Kazakhstan) became the founder of an import enterprise.

UzKazTrade will conduct market research and competitive analysis of products of large enterprises in Uzbekistan and Kazakhstan. The company will also develop proposals for placing orders for the production of finished products, optimizing and coordinating mutual trade processes, etc.

The company will make proposals for the supply of equipment, spare parts, components, raw materials and materials produced in Uzbekistan and Kazakhstan to replace imports from third countries, search for new buyers and consumers of products.

QazTrade General Director Nuraly Bukeikhanov noted that the creation of a joint company will allow Kazakh enterprises to increase the volume of supplies of goods to the markets of the two countries, and will also contribute to the development of proposals for the removal of restrictions and barriers in mutual trade.

“At the initial stage, it is planned to purchase fruits and vegetables from Uzbekistan to meet the needs of our domestic market. In addition, we will help sell Kazakh flour products on the territory of Uzbekistan with the possibility of further export to Afghanistan. We have agreed with the Uzbek side to provide preferences for logistics costs," the head of the Trade Policy Development Center said.

In 2022, the trade turnover between Kazakhstan and Uzbekistan reached US$5 billion, which is 29.8% higher than the previous year. The volume of export deliveries of Kazakh goods increased by 33%, to US $3.7 billion. Imports to Kazakhstan from Uzbekistan in 2022 increased by 21.4% and amounted to US $1.3 billion.