On September 11, 2019, a conference was held at the central office of the Uzbek Republican Commodity and Raw Materials Exchange on the topic “Implementation of a joint project of JSC“ UzRTSB ”, Private Bank“ Trustbank ”and PJSC“ Transcapitalbank ”on the organization of settlements on export exchange transactions”. The main goal of the event was to strengthen economic ties between Uzbekistan and Russia, increase mutual trade and expand the range of exported goods.

The conference was attended by representatives of PJSC Trustbank, PJSC Transcapitalbank, the St. Petersburg International Commodity and Raw Materials Exchange, the Russian Export Center, the Representative Office of the Republic of Tatarstan in the Republic of Uzbekistan, ministries and departments of the Republic of Uzbekistan, and entrepreneurs from Russia and Uzbekistan. A briefing for journalists was also held as part of the event.

The agreements reached are primarily aimed at increasing the export volumes of products of the two countries, developing new product markets through the use of exchange trading mechanisms in order to ensure further growth in the volume of trade between Uzbekistan and Russia.

At present, a unified mechanism for servicing and providing settlement transactions of foreign customers of UzRTSB JSC in dollars, EURO and Russian rubles has already been introduced and is functioning through correspondent accounts of Trustbank Private Joint-Stock Company in Transcapitalbank PJSC.

This mechanism has already begun to be used not only by entrepreneurs of the Russian Federation, but also by representatives of the business community of Kazakhstan, Afghanistan and Tajikistan. In the short period since the launch of the project, foreign exchange earnings of about US $ 2.0 million have already been received under 7 listed contracts for the supply of polyethylene and liquefied gas.

The conference highlighted the measures to create favorable conditions for supporting the foreign trade activities of entrepreneurs of the two countries by lending guarantee funds, which are made when participating in exchange trading. The issues of increasing the competitiveness of domestic producers, attracting foreign investment and improving the business climate in Uzbekistan were separately discussed.