On November 8-9 this year, the XVI Summit of the Economic Cooperation Organization (ECO) will be held in Tashkent under the chairmanship of the President of the Republic of Uzbekistan Shavkat Mirziyoyev. The event is expected to be attended by the heads of state and government of Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkmenistan and Turkey.
In this regard, the Center for Economic Research and Reforms (CERR) analyzed Uzbekistan's trade with ECO countries.
ECO countries are among the main trade partners of Uzbekistan.
The volume of Uzbekistan's trade with the ECO countries is growing dynamically, is characterized by balance and occupies about a quarter of the total volume of foreign trade.
In 2021, Uzbekistan's trade turnover with the ECO countries increased by 35.1% and amounted to $11.2 billion.
In 2022, the growth trend continued, the trade turnover increased by 10.4% to $12.4 billion, the share of ECO countries in Uzbekistan's foreign trade amounted to 24.7%. At the same time, export to the ECO countries increased by 6.3% and amounted to $5.75 billion, and import by 14.3% and amounted to $6.62 billion.
In 2022, almost one third (29.8%) of Uzbekistan's total export went to ECO countries.
The largest shares in Uzbekistan's trade turnover with ECO countries in 2022 were occupied by Kazakhstan (37.5%) and Turkey (26.3%), followed by Kyrgyzstan (10.2%), Turkmenistan (7.5%), Afghanistan (6.1%), Tajikistan (5.5%), Iran (3.5%), Pakistan (1.9%) and Azerbaijan (1.5%).
According to the results of 9 months of 2023, the trade turnover of Uzbekistan with the ECO countries amounted to $9.2 billion, the share of ECO countries in the total trade turnover of Uzbekistan was 20.5%. At the same time, export amounted to $4.2 billion, and import - $5 billion.
ECO countries are also among the main export partner countries of Uzbekistan.
For reference: ECO was established in 1985 and is the legal successor of the Organization for Regional Cooperation and Development. ECO operates on the basis of the Charter - the Izmir Treaty signed by the three founding countries - Iran, Pakistan and Turkey in March 1977. Until the beginning of 1992, cooperation within the ECO was mainly bilateral in nature. Since 1992, the Organization's activities have significantly intensified due to the accession of 7 new States – Kyrgyzstan, Azerbaijan, Afghanistan, Kazakhstan, Tajikistan, Turkmenistan and Uzbekistan. The official language of the ECO is English.
The total foreign trade turnover of the ECO member states in 2022 exceeded one trillion USD (about $1.13 trillion).
CERR Public Relations Service
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