Uzbekistan and ECO Emphasize Growth of Mutual Trade and Joint Ventures

Tashkent, Uzbekistan (UzDaily.com) — On 24 September, Deputy Minister of Investments, Industry, and Trade of Uzbekistan Shokhrukh Gulamov met with Asad Husein Khan, Secretary-General of the Economic Cooperation Organization (ECO).

During the discussions, both sides highlighted the importance of active engagement within ECO — one of the largest international organizations, encompassing half a billion people and possessing a third of the world’s energy resources.

It was noted that ECO has significant potential to expand trade, economic, transport, industrial, and energy cooperation among its member states.

Special attention was given to the growth of mutual trade: over the past five years, Uzbekistan’s trade turnover with ECO countries increased by 47%, reaching $12.2 billion last year. Since the beginning of the current year, more than 700 joint ventures involving ECO member states’ capital have been established, bringing the total number of joint enterprises to over 5,000.

The parties also discussed preparations for the upcoming fifth meeting of ECO Ministers of Trade and Economic Relations in Istanbul.

Uzbekistan’s initiative to establish a Center for Trade, Investment, and Innovation, as well as to promote the Trade Facilitation Agreement within ECO, was also highlighted.

The meeting concluded with both sides reaffirming their commitment to further strengthening mutually beneficial partnerships among ECO member states.