Central Asian states conduct a significant portion of their foreign trade with Russia, accounting for 33% of the total volume. This statistic was revealed by Mikhail Galuzin, Russia’s Deputy Foreign Minister, during the opening ceremony of the Central Asian Conference held by the Valdai International Discussion Club in Bashkiria (TASS reported).
“Russia remains a reliable and crucial trade and economic partner for the region,” Galuzin emphasized, “as evidenced by the steady increase in trade turnover. Last year, the total volume surpassed $44 billion.”
According to the Deputy Foreign Minister, this robust trade relationship is largely facilitated by the shift towards settlements in national currencies between Russia and its Central Asian counterparts.
Trade settlements in national currencies have reached 80% with Kazakhstan, Kyrgyzstan, and Tajikistanб 55% – with Uzbekistan, and 24% – with Turkmenistan.
Galuzin highlighted Russia’s commitment to strengthening trade and economic cooperation mechanisms with Central Asian states. This includes intergovernmental commissions and business councils. The objective, he stated, is to “ensure consistent cooperation in this area, recognizing the Central Asian region’s highly promising economic growth prospects.”
Russia’s Foreign Ministry reports that over the past two decades, economic growth in Central Asia has outpaced the global average by roughly 2.5 times. ///nCa, 15 May 2024