Uzbekistan and Kazakhstan are collaborating to establish an internet-based trading platform.

Uzbekistan and Kazakhstan have decided to establish a collaborative team that aims to eliminate obstacles in bilateral trade, according to Trend.

On January 5, Laziz Kudratov, the Minister of Investment, Industry and Trade of Uzbekistan, had a discussion with Arman Shakkaliev, the Minister of Trade and Integration of Kazakhstan, regarding the execution of projects outlined in the roadmap agreed upon by the presidents of both nations a year ago.

UzKazTrade will develop an online marketplace to sell various products in the markets of both countries by collaborating with a foreign trade company. Furthermore, they have agreed to expedite the creation of the “Central Asia” International Center for Industrial Cooperation, which will manufacture goods that can replace imports using the manufacturing facilities located in border regions of both countries.

The amount of trade between the two countries has increased by nearly 2.5 times in the last seven years, going from $1.9 billion in 2016 to $4.6 billion in 2023. It was also acknowledged that there is potential for the trade volume to reach $10 billion in the next few years.

A new company called UzKazTrade was formed in March with the objective of exporting fruits and vegetables from Uzbekistan and flour from Kazakhstan. UzKazTrade recently declared its intention to import large quantities of fruits and vegetables from Uzbekistan to Kazakhstan at a base price, excluding any additional commercial fees.