Uzbekistan, Kazakhstan, and Russia boost trade with SCO countries

Uzbekistan, Kazakhstan, and Russia boosted their commerce inside the Shanghai Cooperation Organization (SCO) region significantly.

Russia’s Ministry of Economic Development announced that trade with SCO countries increased by 37% last year, reaching $263 billion.

“Trade increased by 36% and now exceeds $180 billion,” Russian Deputy Minister of Economic Development Vladimir Ilichev said.

Uzbekistan’s Ministry of Investments, Industry, and Commerce announced that trade between Uzbekistan and SCO members would increase by 22% to $26 billion by 2022.

Trade increased by 10% in the first six months of this year. Foreign direct investments from SCO nations totaled $9 billion in 2021–2022.

Kazakhstan’s Vice Minister of National Economy, Timur Zhaksylykov, said that commerce between Kazakhstan and SCO nations increased by 18% in 2022 compared to 2021.

“The SCO countries account for one-fourth of world GDP and more than 15% of global commerce,” Zhaksylykov said.