Uzbekistan is one of Russia's key trade partners in Central Asia, and its fourth largest partner in the CIS in terms of trade turnover. It accounts for 2.7% of Russia's trade with the CIS states, while Russia is responsible for 29.4% of Uzbekistan's foreign trade. Uzbekistan also ranks third in the Eurasian Economic Community by volume of trade.
Russian-Uzbek goods turnover amounted to $3.2bn last year, up 33.7% from the year before. Russian exports grew by 59.1%, to $1.73bn, and imports from Uzbekistan by 12.3%, to $1.5bn. Russia's positive trade balance with Uzbekistan was $278.5mn.
From January to the end of June 2008, the two countries' trade increased by 6% compared with the same period in 2007, to $1.5bn. Russia's exports to Uzbekistan amounted to $877.2mn (up 12.4%), and imports to $624.7mn (down 1.9%).
In 2007, Russia mainly exported metals and metal products (33.3%), machinery, equipment and vehicles (28.2%), and timber and pulp-paper products (18.9%), and imported machinery, equipment and vehicles (46.6%), foods and raw agricultural produce (29.7%), and textiles (13.1%).
An intergovernmental commission for economic cooperation between Russia and Uzbekistan handles issues pertaining to trade and economic, investment, military and military technical cooperation between the two countries, their interaction in fuel and energy, aircraft manufacturing, and other economic sectors.
In 2007, Deputy Prime Minister Sergei Ivanov was appointed to head the Russian part of the Commission, and Uzbek Prime Minister Shavkat Mirziyoyev, the Uzbek part.
The tenth meeting of the intergovernmental commission for economic cooperation was held in Tashkent on November 28, 2007. On August 26, 2008, the commission's co-chairmen met in Moscow, the Uzbek party represented by Deputy Prime Minister and Finance Minister of Uzbekistan Rustam Azimov.
Interregional contacts between the two countries are being promoted and regulated by an intergovernmental agreement to expand cooperation between administrative regions in Russia and Uzbekistan signed in May 2000. Leaders in interregional trade include Moscow, the Altai Territory, and the Sverdlovsk, Moscow, Ivanovo, Orenburg and Chelyabinsk Regions.
A total of 714 businesses with shares of Russian capital operate in Uzbekistan, and 171 Russian companies have accredited representative offices there. Russia has around 300 joint ventures with Uzbek partners.
The two countries are steadily developing military technical cooperation. It is regulated by a Russian-Uzbek treaty to further expand comprehensive cooperation in military and military technical spheres, signed in December 1999.
In May 2001, the two countries also signed an interstate treaty on cooperation in border areas; in October 2001, an interstate agreement on joint use of the Russian air force, and Uzbek air defense units and air force to uphold security of the two countries' air space.
In June 2001, a Russian-Uzbek working group on military technical cooperation was set up; it will meet for its ninth meeting in Tashkent this fall.
Recent high-profile bilateral events included the Russian-Uzbek business forum in July, and the first Russian National Exhibition which involved over 700 participants from 168 companies from 17 regions.
The number of labour migrants who moved from Uzbekistan to Russia grew by 60% in the past 12 months. This process is regulated by an intergovernmental agreement on cooperation in fighting illegal migration, on readmission, labour, and protection of labour migrants' interests.