Uzbekistan, Belarus Target $1 Billion in Bilateral Trade

Uzbekistan and Belarus have committed to strengthening trade and economic cooperation, setting an ambitious goal to boost annual bilateral trade turnover to $1 billion.

The agreement was reached during the 11th session of the Joint Intergovernmental Commission on Bilateral Cooperation. Deputy Prime Minister of Belarus, Yuri Shuleiko, emphasized the ambitious goal set by the heads of both states, The Caspian Post reports, citing Uzbek media.

“We are faced with a major task assigned by our presidents - to raise bilateral trade turnover to $1 billion per year. Concrete results are expected,” said Shuleiko, as quoted by the Belarusian government's press service.

According to the Uzbek side, by the end of 2024, bilateral trade had increased by 14.8%, reaching $620.1 million. Uzbekistan’s primary exports to Belarus include industrial goods, finished products, food items, and transport equipment. Imports largely consist of food products, machinery, chemicals, and industrial raw materials.

Officials expressed hope that expanding cooperation in Tashkent and launching joint production projects with high added value would help accelerate this growth.

“We place special emphasis on deepening industrial cooperation, including through the localization of modern technologies and the establishment of export-oriented enterprises,” said Uzbek Deputy Prime Minister Achilbay Ramatov at the meeting in Minsk. He added that strengthening business relations would be supported by reactivating the bilateral business council.

Priority sectors for both sides remain the agro-industrial complex, mechanical engineering, pharmaceuticals, as well as the light and food industries. Special attention will be paid to logistics and facilitating access to third-country markets.

In a related development, Belarusian Foreign Minister Maksim Ryzhenkov recently visited Termez, where he discussed expanding trade routes - particularly through the “Termez International Trade Center” free trade zone - with his Uzbek counterpart Bakhtiyor Saidov. The focus was on establishing trade routes via Afghanistan.

During the commission meeting, the parties also discussed cooperation in education, healthcare, and scientific-technical exchange. Minsk expressed its readiness to expand its presence in the Uzbek market through both export activity and investment projects.