Uzbekistan Economy: Features of Current Development Trends

Abstract

The article analyzes one of the most dynamically developing countries in Central Asia in the last few years, which traditionally represents a reliable partner for Russia. The basic documents that set out the basic principles of partnership in the military-political, trade-economic, transport-communication and humanitarian spheres are the Strategic Partnership Agreement of June 16, 2004 and the Treaty on Allied Relations of November 14, 2005 between the countries. With the global geopolitical turbulence and the harsh anti-Russian sanctions policy of the collective West, cooperation within the framework of Greater Eurasia is of great importance for the two countries. Strengthening integration becomes pivotal in these relations. Since December 2020, Uzbekistan has been an observer state at the Eurasian Economic Union (EAEU), and in April 2021, the memorandum of cooperation between Uzbekistan and the Eurasian Economic Commission was signed. The paper examines the bottlenecks of Uzbekistan’s economy, which are associated with the country’s lack of access to the sea with its high dependence on exports of natural resources that are not in demand on the domestic market. In this regard, the creation of transport corridors, commercial and industrial hubs with localization of production opens up huge opportunities for mutually beneficial cooperation between the two countries.