Sunday, 16, June, 2024

Trade figures between Central Asian countries and Russia are on the upward trend despite Western sanctions, said Sergei Overchenko, Deputy director of the cis department of the Russian Foreign Ministry during an expert discussion hosted by the Valdai Discussion Club on Monday. The discussion focused on Central Asia-Russia ties in a new background.

"Despite the “illegitimate” western sanctions, it is possible to increase the trade figures with Central Asian countries. Russian investments in the region are also increasing. The structural base of trade is expanding due to the non-resource component," Overchenko added.

Earlier the Russian Deputy Foreign Minister Mikhail Galuzin highlighted at the 4th Central Asian Conference of the Valdai International Discussion Club on May 14 that the total trade between Russia and Central Asian countries surpassed $44bn in 2023, with Russia accounting for one-third of Central Asia's international trade .

Moreover, Russia remains a key trade and economic partner for Central Asian states maintaining a significant presence in the region's economy, noted Overchenko.

"In the current conditions, the ties between Russia and the countries of Central Asia are being tested for strength, we continue to actively develop ties with Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan on the basis of equality, respect and trust, while putting open, depoliticized cooperation at the forefront, focused on economic realities and mutual benefit".

Overchenko further emphasized that Russia was one of the primary consumers of goods produced in Central Asia highlighting the sustained economic ties between Russia and Central Asian countries undeterred by external pressures.

Furthermore, according to the state statistic agency Uzbekistan's exports to Russia in Q1 2024 reached $1billion, while imports for the same period totaled $2.8bn, accounting for 18.4% of Uzbekistan's international trade volume.

Latest in National