On April 6 this year, Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan, S. Umurzakov, and Minister of Industry and Trade of the Russian Federation, D. Manturov, had a video conference. The dialogue touched upon the status of bilateral investment, trade and economic cooperation, as well as joint measures to enhance the interaction of the economies of the two countries under global crisis caused by the coronavirus pandemic.

They noted that it is very important to combine efforts to form new areas of cooperation by adapting the format and specifics of investment and trade partnerships based on the current challenges facing the economies of both countries under new realities.

A video conference involved discussion of promising proposals for mutually beneficial investment cooperation, including creation of joint high-tech agricultural-industrial clusters, as well as joint ventures managing wholesale and distribution centers for the consolidation, storage, processing and distribution of fresh fruits, vegetables and other products supplied from Uzbekistan to Russia. They also noted high potential of investment cooperation in the industrial sector: the textile industry, alternative energy, mining, the oil and gas sector and engineering.

The parties emphasized the commitment of the governments of both countries to maintain sustainable mutual trade with a view to adoption of prompt measures to ensure unhindered freight traffic through both countries. Moreover, they considered methods combining tariff and non-tariff regulation of the two countries, which will increase the trade turnover between Uzbekistan and Russia under current economic situation.

The negotiations resulted in agreements to establish a permanent interaction to elaborate new areas of cooperation, i.e. joint initiatives of industrial cooperation and trade agreements, through close communication between the top officials of the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan and the Ministry of Industry and Trade of the Russian Federation. The parties assigned a mission to from the new program of economic cooperation within a month.