Multilateral Trade System and New Opportunities for Uzbekistan within the SCO

The 21st century has become an era of profound transformation in the global economy. Traditional trade models no longer guarantee sustainable growth, while global value chains are increasingly shifting toward new centers of power. Against a backdrop of global turbulence, countries are turning more frequently to regional cooperation formats that not only account for the interests of neighbors but also create mechanisms of collective protection against external shocks.
In this context, the Shanghai Cooperation Organization (SCO) is gradually evolving from a primarily political and security-focused alliance into a platform for building sustainable economic ties. The adoption of the “Roadmap for the Development of Multilateral Trade within the SCO” in 2024 marked a turning point in shaping a new approach to integration.
Uzbekistan occupies a special role in this process. The country is not only actively building its industrial capacity but is also becoming a crucial transit and logistics hub between East and West.
The SCO “Roadmap”: A New Stage of Integration
In July 2024, at the Astana Summit, the heads of SCO member states approved a comprehensive document aimed at developing multilateral trade. Key priorities outlined in the Roadmap include:
• digitalization of trade procedures and the introduction of electronic platforms;
• expanding settlements in national currencies;
• establishing common certification and standardization rules;
• supporting exhibitions and trade fairs;
• creating mechanisms for insurance and financing of foreign economic activities.
These steps are designed not only to deepen regional cooperation but also to shield SCO economies from external shocks such as trade wars and global market volatility. For Uzbekistan, which has been actively diversifying its exports and seeking to enter new markets in recent years, the Roadmap opens additional opportunities.
Uzbekistan in the Regional Trade System
Uzbekistan’s foreign trade activity has been demonstrating steady growth. In 2024, the country’s trade turnover exceeded USD 65 billion, a rise of more than 20% compared to 2023. Exports reached USD 23.8 billion (+15%), while imports amounted to USD 41.2 billion (+23%). This trend reflects both growing domestic market needs and the increasing share of industrial goods in exports. Step by step, Uzbekistan is moving away from raw material dependence and transforming into an industrially developed economy.
Trade Dynamics with SCO Countries
Cooperation with SCO members occupies a central place in Uzbekistan’s foreign economic policy, accounting for more than 60% of the country’s total trade turnover in 2024. The overall trend reflects sustainable growth and diversification both in geography and product structure.
• China remains the largest trade partner, with mutual trade reaching USD 14.2 billion (+25%). Exports to China totaled USD 3.6 billion, led by textiles, copper, uranium, and agricultural products, while imports amounted to USD 10.6 billion, dominated by machinery, equipment, and electronics.
• Russia is another key partner, with trade turnover reaching USD 11.5 billion (+20%). Uzbekistan’s exports to Russia include agricultural products, textiles, and chemicals, while imports consist primarily of oil, gas, metallurgical goods, and automobiles.
• India demonstrated trade growth of 28.8%, with turnover totaling USD 980.3 million. Exports stood at USD 126 million (+13%), led by chemical products (55.4%), services (32.8%), non-ferrous metals (2.6%), shellac (1.8%), and electrical equipment (1.2%). Imports reached USD 853.5 million (+31%).
• Pakistan accounted for about USD 400 million (+30%) in trade, with Uzbekistan exporting mainly textiles, agricultural goods, and pharmaceuticals, while importing medicines, plastics, and paper.
• Kazakhstan exceeded USD 5 billion (+18%), supported by growing cooperation in metallurgy, chemicals, and transport.
• Combined trade with Kyrgyzstan and Tajikistan surpassed USD 2.5 billion (+15%), reflecting deepening regional integration.
These figures clearly demonstrate that for Uzbekistan, the SCO is not only a diplomatic platform but also a fast-growing marketplace that creates new opportunities for export expansion, investment inflows, and industrial cooperation.
New Trends: Digitalization, Logistics, and Investment
Digital technologies are playing an increasingly important role in global trade. Uzbekistan has been actively developing electronic platforms to simplify export procedures. In 2024, the country launched the “E-Export” system, enabling companies to complete documentation remotely and access international trading platforms.
Logistics also remains a critical element. The expansion of the China–Kyrgyzstan–Uzbekistan railway corridor and participation in the Trans-Caspian International Transport Route create new opportunities for transit. Currently, more than 10% of Central Asia’s total freight flows pass through Uzbekistan.
Investment continues to strengthen the country’s industrial capacity. In 2024, Uzbekistan attracted more than USD 11 billion in foreign direct investment, a significant share of which came from joint projects with China, Russia, and the Gulf states.
Outlook and Forecasts
Experts project that if current growth rates are maintained, Uzbekistan’s foreign trade volume could exceed USD 100 billion by 2030, with exports reaching USD 40 billion. More than 65% of trade is expected to be with SCO member states.
Promising directions include:
• deepening industrial cooperation in machinery, pharmaceuticals, and chemicals;
• developing green energy and expanding renewable energy exports;
• increasing food exports to India, China, and the Middle East;
• strengthening Uzbekistan’s role as a regional transport and logistics hub.
Conclusion
The multilateral trade system within the SCO is becoming a key instrument of adaptation to the new global reality. The adopted Roadmap not only set common priorities but also established a practical framework for cooperation.
For Uzbekistan, participation in these processes means an opportunity to transform from a transit link into a fully-fledged industrial and trade center of Central Asia. Trade growth, export diversification, and active investment inflows confirm that the country is confidently integrating into the global economy on new principles—through equal partnership, digitalization, and openness.
It is for this reason that the future of Uzbekistan-and indeed the entire region-is increasingly associated with the SCO, an organization where the multilateral trade system is evolving into a genuine driver of growth.