A.A. Ismailov,
Professor of Tashkent Financial Institute,
Tashkent, Uzbekistan
Abstract. In recent years, the megatrends in the world economy, including the negative megatrends caused by the Russia-Ukraine war, have had a negative impact on foreign trade relations between the countries of the world, including the foreign trade relations of the Republic of Uzbekistan. In particular, the problems in transport logistics, the increase in the price of fuel and energy resources, and the occurrence of world inflation are among such negative effects. Since Russia is the main foreign trade partner of Uzbekistan, the sanctions applied to it have had a negative impact on Uzbekistan’s foreign trade relations. In particular, Russian ports used by Uzbekistan for foreign trade were closed for our republic. Because foreign partners of our country have stopped delivering products to Russian ports. In addition, the arrival of foreign currencies from Russia to Uzbekistan has stopped due to sanctions. On top of that, Russia pays for goods exported from Uzbekistan in rubles. As a result, an additional demand for foreign currencies appeared in the domestic currency market of our republic. In order to reduce the impact of megatrends in the world economy on the foreign trade relations of Uzbekistan, the possibilities of increasing the level of geographical diversification of the country’s foreign trade are substantiated in the article.
Keywords: megatrend, foreign trade, export, import, negative balance, inflation, oil, gas, digital economy, economic integration