Tashkent, Uzbekistan (UzDaily.com) — Leaders of Uzbekistan and Russia have tasked their respective economic ministers with increasing bilateral trade from $10 billion to $30 billion annually. This was announced by Maxim Reshetnikov, Minister of Economic Development of Russia.

According to the statistical agency of Uzbekistan, bilateral trade increased by 5.4% in 2023, reaching $9.884 billion. In the first half of 2024, this figure grew by 29.5% compared to the same period last year, reaching US$5.75 billion. Over the first seven months of 2024, trade between Russia and Uzbekistan increased by 29.1%, amounting to US$6.8 billion.

Reshetnikov noted that despite reaching the US$10 billion annual level, both sides are aiming to further increase trade volumes, according to РИА Новости.

Maxim Reshetnikov emphasized that while the US$10 billion milestone has been achieved, the strong relations between the two countries drive them to aim for new heights.

“However, the strong relationship between our countries encourages us to strive for new peaks,” the minister highlighted.

Reshetnikov noted that a plan to increase trade to US$20 billion was previously discussed, but the new goal is to reach $30 billion.

According to him, Russia and Uzbekistan are currently developing strategies to achieve these ambitious targets.

“We are working on plans and discussions. At first, it may seem impossible. But as these plans take concrete form, we see: why not?” Reshetnikov added.

He described Uzbekistan as “one of the engines driving the development of the Russian economy.” There are about 3,000 joint ventures operating in Uzbekistan, and more than a hundred major projects involving Russian companies are being implemented.

At the same time, Reshetnikov acknowledged that disagreements inevitably arise in joint projects.

“There are disputes over trade issues, and sometimes opinions diverge on investment projects. But this does not deter us, as the basis of our cooperation is mutual trust at all levels,” he emphasized, adding that a strong foundation for this trust is the robust relationship between the presidents of the two countries.