Uzbekistan and Kazakhstan discussed the ways to increase mutual trade up to US$ 3 billion in 2018 compared to US$ 2 billion in 2017, the Kazakh government's press service reported.

The 17th meeting of the Uzbekistan-Kazakhstan intergovernmental cooperation commission, co-chaired by the first deputy PM of Uzbekistan, Achilbay Ramatov and the first deputy PM of Kazakhstan Askar Mamin was held in Astana.

The counterparts noted the high rate of mutual trade growth, which reached US$ 2 billion in 2017, a 31.2% increase compared to 2016, with exports from Kazakhstan to Uzbekistan in 2017 increasing by 35%, to US$ 1.3 billion and imports into Kazakhstan from Uzbekistan increasing by 25.1% to US$ 735.2 million.

"Taking into account the recent trends, the parties agreed to make further concerted efforts to elevate the trade turnover up to US$ 3 billion in 2018 and to 5 billion by 2020," the press release said.

The parties also agreed to consider the possibility of building an international center for cross-border cooperation and a transport and logistics center (Dry Port) in the border areas of Kazakhstan and Uzbekistan. In addition, the parties confirmed mutual interest in further development of cooperation in the oil & gas industry. An agreement was reached to create technical facilities for transit of the Kazakh gas through the territory of Uzbekistan to the southern Kazakhstan, the agreement is expected to be signed by September 1, 2018. The parties also expressed their intention to fulfill obligations on supplies of Uzbek gas as part of swap operations," the press release added.

Protocol and Action Plan for the Year of Uzbekistan in Kazakhstan and a number of trade and economic accords were signed following the meeting