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Home / Business and Innovation / Uzbek-Latvian Trade Turnover Decreased by 20% from...

Uzbek-Latvian Trade Turnover Decreased by 20% from Beginning of This Year

After sustained growth over 2009-2013, the Uzbek-Latvian trade turnover has decreased by 20% since the beginning of 2015, Elyor Ganiev, the Minister of Foreign Economic Relations, Investments and Trade of the Republic reported last week in the intergovernmental commission between the two countries.

According to him, the main reasons for this decline were "the deteriorating of economic situation in particular countries of the region, the impact of the global crisis and the application of international sanctions."

The sides noted the need to establish cooperation in order to prevent further reduction of traffic and turnover because of problems with transit through third parties.

As Ganiev noted, Latvia is the third trade partner of Uzbekistan in Europe and “that is why we should not allow further deterioration of the situation. We should take the necessary measures and find ways to restore the volume of trade, transport and traffic."

The Uzbek side is ready to expand the supply of its products to the market of Latvia. The volume of export of cotton, textile, chemical, fresh and processed fruit and vegetable products can be increased.

In addition, the minister said, that there is great potential in the organization of cargo transportation with international intermodal hub ‘Navoi’, as well as the possibility to use the Latvian infrastructure to enter the Nordic countries.

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