New directions and markets: How are economic ties in the region evolving?
In recent years, economic ties among countries in the region have been steadily expanding. Mutual trade is growing, new transport routes and investment projects are emerging, and cooperation is spanning an increasingly broad range of areas.
Eurasia plays an important role in this process. Cooperation within the Shanghai Cooperation Organization (SCO), relations with the countries of the Eurasian Economic Union (EAEU), and bilateral economic ties are all developing.
One key area for expanding cooperation within the SCO is the SCO 2040 initiative. It envisions broader industrial cooperation, improved transport connectivity, and the development of financing mechanisms for joint projects.
In this context, discussions are underway to develop an industrial cooperation map, establish a Council for the Integration of Railway Systems, and create an SCO Development Bank. Transport, energy, industry, and digital infrastructure are priority areas.
At the same time, Uzbekistan’s economic ties with the EAEU countries are expanding. In 2025, Uzbekistan’s foreign trade with these states totaled $20.2 billion, representing 24.8 percent of Uzbekistan’s total foreign trade turnover. Between 2017 and 2025, this figure rose from $7.2 billion to $20.2 billion. Exports grew from $3.3 billion to $6.9 billion, while imports increased from $3.9 billion to $13.3 billion. In Uzbekistan’s trade with the EAEU countries, Russia accounted for 64.4 percent and Kazakhstan for 24.7 percent.
Uzbekistan has held observer state status within the EAEU since December 2020. This status allows the country to participate in certain events and discussions on economic cooperation.
At the same time, cooperation with EAEU countries is only one component of Uzbekistan’s foreign trade. According to stat.uz, the country’s foreign trade turnover exceeded $81.2 billion in 2025. China remained Uzbekistan’s largest trading partner, accounting for 21.2 percent of total foreign trade. Russia’s share was 16 percent, Kazakhstan’s 6.1 percent, Türkiye’s 3.7 percent, and South Korea’s 2.1 percent.
Trade and economic cooperation with Russia is a key component of Uzbekistan’s foreign economic relations. In 2025, bilateral trade exceeded $13 billion, and in early 2026 it grew by an additional 32 percent. The two sides have set a target to increase mutual trade to $30 billion by 2030.
More than 3,200 enterprises with Russian capital operate in Uzbekistan. Cooperation between the two countries spans trade, investment, industrial cooperation, and other areas.
Transport links also remain an important part of bilateral cooperation. A total of 367 scheduled flights operate each week between Uzbekistan and Russia. In 2025, about 1 million Russian tourists visited Uzbekistan.
Energy remains a separate area of cooperation. A nuclear power plant project is underway in Jizzakh region, with participation from Rosatom. The project includes plans to construct two 1,000 MW power units and two 55 MW units. Annual electricity generation is expected to reach about 17 billion kWh.
Overall, the region’s foreign economic ties continue to expand, spanning an increasingly broad range of areas. Alongside cooperation with the EAEU, relations are developing with China, the Central Asian countries, Türkiye, South Korea, and other partners. New transport routes, investment projects, trade digitalization, and the development of energy infrastructure are becoming important components of this process.
Nasiba Ziyodullayeva, UzA
