• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 -0%
  • TJS/USD = 0.10899 -0%
  • UZS/USD = 0.00008 -0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 -0%
  • TJS/USD = 0.10899 -0%
  • UZS/USD = 0.00008 -0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 -0%
  • TJS/USD = 0.10899 -0%
  • UZS/USD = 0.00008 -0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 -0%
  • TJS/USD = 0.10899 -0%
  • UZS/USD = 0.00008 -0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 -0%
  • TJS/USD = 0.10899 -0%
  • UZS/USD = 0.00008 -0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 -0%
  • TJS/USD = 0.10899 -0%
  • UZS/USD = 0.00008 -0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 -0%
  • TJS/USD = 0.10899 -0%
  • UZS/USD = 0.00008 -0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 -0%
  • TJS/USD = 0.10899 -0%
  • UZS/USD = 0.00008 -0%
  • TMT/USD = 0.28490 0%
08 December 2025

Russia Revives Plan to Redirect Siberian Rivers as Central Asia Faces Worsening Water Crisis

The long-contested idea of diverting Siberian rivers to Central Asia has re-emerged after the Russian Academy of Sciences announced on November 14 that it is studying a new version of the project. The updated proposal revives elements of a Soviet-era plan from the 1970s and 1980s that aimed to channel water from the Ob River basin to arid regions of Central Asia. This time, however, the focus is on a closed pipeline system, rather than open canals, to transport large volumes of water to countries facing acute shortages, particularly Uzbekistan, according to Fergana News.

Discussions within the Russian Academy had reportedly already begun prior to the announcement. Researchers are now calling on Russia’s Ministry of Science and Higher Education to include a full study of the project in its state research plan. They argue that Central Asia is entering a critical phase of water scarcity that demands long-term strategic solutions.

The renewed interest comes amid escalating water stress across the region. Rapid population growth, retreating glaciers, and intensifying irrigation demands have pushed existing water systems to their limits. While some view the proposed pipeline as a potential lifeline for stabilizing regional water supplies, environmental concerns remain central to the debate, echoing the very reasons the original project was shelved.

A Long History of Controversy

The idea of redirecting northern rivers is not new. It was first proposed in the 19th century by Ukrainian-born engineer Yakov Demchenko, who envisioned transferring water from the Ob and Irtysh rivers to replenish the shrinking Aral Sea.

In the Soviet period, the concept gained political traction. By the late 1960s, it had entered official planning discussions, prompting detailed studies by the Academy of Sciences, the State Planning Committee, and the Ministry of Water Resources. In 1970, the project was formally designated a state priority, with plans for transferring up to 25 cubic kilometers of water annually.

Extensive technical documentation was produced, and construction began on supporting infrastructure, including the Irtysh-Karaganda canal. Designs for the main channel envisioned a span of more than 2,500 kilometers and a capacity exceeding 1,000 cubic meters per second. However, by 1986, the project was halted due to mounting economic pressures, scientific opposition, and growing awareness of potential environmental risks.

Experts warned of large-scale flooding, disruptions to groundwater, damage to fish stocks, displacement of Indigenous communities, and unpredictable impacts on permafrost and regional climate systems.

Renewed Debate in a Region Under Stress

Though shelved in the late Soviet era, the project has resurfaced multiple times since the collapse of the USSR. Former Moscow mayor Yuri Luzhkov advocated for its revival in 2002, and Russian and Kazakh presidents discussed it publicly in 2010. Yet concerns about environmental and geopolitical ramifications have consistently stalled progress.

Meanwhile, the water crisis in Central Asia has only deepened. Glaciers in the Tien Shan and Pamir mountains which feed the Amu Darya and Syr Darya rivers have shrunk by more than 25% in recent decades. The region’s population has grown to approximately 80 million, nearly 50% higher than in the early 1990s and continues to climb.

Despite this, water management remains inefficient. Agriculture and industry remain heavily dependent on outdated irrigation systems that waste up to half of the water they use annually. Efforts to modernize have been slow, and persistent disputes among Central Asian states over water sharing further hinder cooperation.

Some rivers in Kazakhstan and Uzbekistan have already lost between 40% and 70% of their flow. In many downstream areas, the remaining water is too saline for drinking or agriculture. Roughly 13% of the region’s population currently lacks access to safe drinking water.

New Challenges from Afghanistan

The pressure is being compounded by developments in Afghanistan. The Taliban administration is constructing the 285-kilometer Qosh Tepa canal to divert water from the Amu Darya. Once completed, the canal could reroute up to 10 cubic kilometers of water per year potentially reducing flow to already stressed downstream users in Uzbekistan and Turkmenistan.

As the crisis worsens, proponents of the Siberian water transfer see the revived project as a possible strategic solution. However, critics warn that the same environmental and political pitfalls that derailed earlier attempts remain unresolved and may have only intensified in the decades since.

Kyrgyzstan Launches Environmental Strategy for Lake Issyk-Kul

On December 2, Kyrgyzstan’s Cabinet of Ministers approved the Concept for the Sustainable Development of the Ecological and Economic System of Lake Issyk-Kul until 2030, along with a corresponding Action Plan. The initiative aims to protect the lake and its surrounding biosphere from intensifying environmental and human pressures, while ensuring long-term economic resilience in the region.

Located in northeastern Kyrgyzstan, Issyk-Kul is the country’s largest lake, a unique ecological reserve, and one of Central Asia’s main tourist destinations. However, the newly adopted Concept reflects growing concerns over environmental degradation and the urgent need for coordinated management. Based in part on a government technical assessment, the strategy outlines a comprehensive roadmap to stabilize the lake’s ecosystem, modernize critical infrastructure, and mitigate climate risks.

Climate Threats and Water Imbalance

A key priority of the Concept is enhanced monitoring of Lake Issyk-Kul and its surrounding basin, particularly its water and energy resources. Climate change, including glacial retreat and reduced river inflow, has placed the basin under mounting stress. Of the 957 glaciers in the Issyk-Kul basin, covering 560.8 square kilometers, many are melting at an accelerated rate. Although roughly 120 rivers flow into the lake, only 80 reach it during summer due to irrigation withdrawals.

To restore hydrological balance, the government plans to introduce modern irrigation technologies across 100,000 hectares of farmland. Officials estimate this could redirect up to 200 million cubic meters of water back into the lake each year.

Between 1927 and 2003, Issyk-Kul’s water level fell by 2.75 meters, driven by declining inflow, outdated monitoring systems, and inefficient water use. The new Concept calls for restoring hydrological infrastructure, including groundwater observation stations and river hydro-posts. It also proposes strict accounting of irrigation water and a shift toward water-saving technologies in agriculture.

Combatting Wastewater and Pollution

Untreated wastewater remains one of the most severe threats to the lake’s ecosystem. Discharges from settlements, hotels, and tourism facilities have polluted the lake for years. The Concept aims to modernize wastewater treatment plants, expand sewage networks, and promote the reuse of treated water for irrigation purposes.

Over the past five years, 47 new treatment facilities have been constructed in the Issyk-Kul region. The government now plans to reduce untreated wastewater discharge by 40%.

Industrial Risks and Waste Management

Environmental oversight of industrial activity, particularly at the Kumtor gold mine, the country’s largest, is another priority. The Concept calls for stricter regulation of hazardous waste and the rehabilitation of mining tailings to protect soil, groundwater, and the lake itself.

Solid waste management is also being addressed. In October 2025, China’s Hunan Junxin Environmental Protection Co. Ltd. began building a waste-to-energy incineration plant in Karakol, the region’s administrative center. This will be the company’s third facility in Kyrgyzstan, following earlier projects in Bishkek and Osh. The introduction of separate waste collection systems is seen as key to reducing landfill pressure and minimizing environmental damage.

To address air quality, the Concept promotes modernization of outdated heating systems, emission controls on industry and transport, and the adoption of cleaner technologies across economic sectors.

Regulating Growth and Tourism

Economic activity in the Issyk-Kul region, including agriculture, real estate, and infrastructure, is expanding rapidly. The Concept proposes new environmental standards, mandatory impact assessments, and incentives for businesses to adopt sustainable practices.

Tourism, while vital to the regional economy, is a growing environmental burden. The government intends to tighten oversight of tourist infrastructure and enforce ecotourism standards at all recreational facilities, aiming to balance economic development with environmental protection.

Turkmenistan Legalizes Crypto Mining and Exchanges for the First Time

Turkmenistan has officially legalized cryptocurrency mining and the operation of crypto exchanges. A newly adopted law sets strict conditions for market participants while introducing safeguards to protect citizens from the risks associated with virtual assets.

Key Provisions of the New Law

Coming into force on January 1, 2026, the Law on Virtual Assets, signed by President Serdar Berdymuhamedov and published in the state newspaper Neutral Turkmenistan, legalizes cryptocurrency mining, exchanges, and trading platforms for the first time in Turkmenistan.

The law defines the legal framework for the creation, storage, issuance, and circulation of virtual assets. While cryptocurrencies will not be recognized as a means of payment, currency, or security, they are treated as objects of civil law. Virtual assets may be either secured or unsecured.

Crucially, the legislation makes clear that the state bears no responsibility for obligations incurred by crypto platforms or for losses in asset value.

Mining Regulated by the Central Bank

The right to mine cryptocurrencies will be granted to individual entrepreneurs and legal entities, all of whom must register electronically with the Central Bank of Turkmenistan.

Hidden mining, the unauthorized use of another party’s computing power, is explicitly banned, targeting illicit mining networks.

Crypto exchanges and related service providers must obtain licenses from the Central Bank. Permitted services include the exchange, transfer, storage, and management of virtual assets, as well as initial offerings. Opening a crypto wallet will require full customer identification in line with anti-money laundering protocols.

Both Turkmenistan residents and foreign nationals may establish crypto exchanges, but with strict limitations:

  • Individuals and legal entities from offshore jurisdictions are barred from participation; and
  • Founders holding offshore bank accounts are also disqualified.

Tight Restrictions on Crypto Advertising

The law introduces some of the region’s strictest rules on crypto-related advertising. All promotional materials must include a warning that virtual assets are not backed by the state and that investments carry the risk of financial loss.

The following are prohibited in advertising:

  • Promises of profitability;
  • Use of images of minors;
  • Implications of luxury, bonuses, or effortless wealth;
  • References to state affiliation, including the use of “Turkmenistan,” “national,” or “Turkmen”;  and
  • Use of terms like “virtual asset,” “cryptocurrency,” or “digital asset” by companies not directly involved in the sector.

These restrictions aim to protect the public from deceptive and aggressive promotion of high-risk financial products.

Part of a Regional Regulatory Trend

Turkmenistan’s move follows a broader regional trend toward formalizing the crypto sector. In November, Kazakhstan also enacted legislation governing the circulation of unsecured digital assets nationwide. Previously, such activities were only permitted within the Astana International Financial Center source.

Opinion: Kazakhstan Bets Big on AI to Power Local and Global Growth

A bold vision for Kazakhstan’s future

In his recent State of the Nation address, the President of Kazakhstan articulated a bold and ambitious future for the country. He presented a new vision, central to which was the announcement of artificial intelligence adoption and digitization as new national priorities, positioning them as essential for the country’s economic modernization and long-term competitiveness.

The speech marked a significant moment for the government. Historically, much of its policy focus has been on managing risk and navigating regulatory uncertainty. Now, the administration is pivoting to focus instead on high-growth, innovation-led initiatives to build a more competitive and resilient Kazakhstan that can thrive in a rapidly changing global economy.

In his address, President Tokayev announced the creation of the Ministry of Artificial Intelligence and Digital Development. Its initial mandate is to develop the Digital Code, a comprehensive framework that will set out how every sector of the economy, from finance and energy to education and healthcare, will integrate AI and digital tools in a structured and sustainable way.

Leapfrogging into the digital economy

Kazakhstan is embracing leapfrog innovation to harness tools such as AI and blockchain technologies to help accelerate economic growth and diversify its economy. This bet will ensure that the nation remains competitive for generations to come in a digital-led global landscape where technology leadership increasingly defines prosperity.

Central to the project’s long-term success is the evolution of Kazakhstan’s educational system, and the country has recently approved its first national framework for integrating AI into its curriculum, signaling a major shift toward future-ready learning.

This initiative covers areas including ethics, legal regulation, personal data protection, and academic integrity. Kazakhstan is now one of the first countries to adopt its own national approach in this field, having drawn on the recommendations of UNESCO, OECD, and the EU’s work to ensure global best practices.

Building tomorrow’s AI leaders today

From the 2025–2026 academic year, AI is being integrated throughout the curriculum with the aim of converting classrooms into technology-literate talent pipelines. Students will benefit from new online courses, while teachers will be supported with professional development programs (with over 11,000 teachers already trained and more to follow).

Globally, the adoption of AI in education is surging. According to AllAboutAI, in 2025, 86% of students worldwide use AI in their studies, and half of all teachers will leverage AI for lesson planning. The market for AI in education is projected to reach over $2.7 trillion by 2033, having been valued at $177 billion in 2023.

With nearly 30% of Kazakhstan’s population under the age of 15 and a median age of just 29, the country is well placed to transform its students into a new generation of professionals ready to contribute to the country’s technological evolution and global competitiveness.

Universities such as the Astana IT University (AITU), International Information Technology University, and the Kazakh-British Technical University, all part of the NNEF ecosystem, are at the forefront of integrating AI across their curricula, ensuring that students gain the skills they need for the digital economy and innovation-driven industries.

NNEF, an educational foundation established by Dinara Kulibayeva and supported by philanthropist Timur Kulibayev through the Halyk Foundation, has made AI a strategic priority across multiple programs and courses.

Astana IT University has gone a step further by initiating and coordinating a landmark collaboration with US-based Perplexity AI. Under this agreement, Kazakhstan will receive nationwide access to Perplexity Pro for one year and is working with the company to establish a dedicated Perplexity R&D Centre at AITU – the first of its kind in Central Asia.

The scale of this partnership underscores how NNEF-affiliated universities are beginning to shape Kazakhstan’s AI and digital policy agenda, not only consuming advanced technologies but also helping to co-develop and localize them for regional needs.

AITU has also joined MIT’s GLEEN global innovation network- becoming the first university in Kazakhstan to do so – giving students and faculty access to leading entrepreneurship and AI programs such as StartMIT, MIT Orbit, and Jetpack AI.

This partnership further strengthens Kazakhstan’s ambition to build a globally connected, innovation-driven talent ecosystem and ensures that AITU students and faculty can develop skills that meet the highest international standards and expectations.

Kazakhstan’s place in the global adoption of AI

Despite the challenges, Kazakhstan is making a strategic investment in AI to unlock the next phase of its economic development. The country’s pivot represents a generational shift in approach and a clear signal to investors that Kazakhstan is serious about innovation. Investors seeking opportunities in emerging markets will be watching the work of the new Ministry closely in the coming months.

The global AI transition will be convulsive and transformational – but Kazakhstan has signaled to both domestic and global audiences that it is looking to the future and is open for business, ready to embrace change and lead where possible.

 

The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of the publication, its affiliates, or any other organizations mentioned.

The New Geoeconomics of Uzbekistan: Insights from ISRS Director Eldor Aripov

The Times of Central Asia presents a two-part interview in Washington, D.C. with Eldor Aripov, Director of the Institute for Strategic and Regional Studies under the President of Uzbekistan. Dr. Aripov sat down with our Washington Correspondent, Javier M. Piedra, to discuss Uzbekistan’s strategic thinking regarding its diplomatic posture, regional integration, and relations with Central Asian and global partners.

The conversation includes commentary on “Great Game” geopolitics, U.S.–Uzbekistan relations, trade, the meaning of “Uzbekistan First,” the historically explosive Ferghana Valley, and water management.

Recognizing the link between investment, a stable geopolitical ecosystem, and the need to de-risk potentially conflictive issues, Aripov further sheds light on Tashkent’s practical approach to internal governance and business development.

Central Asia on the Front Lines; image: Defense.info

TCA: “America First” refers to U.S. policies prioritizing national interests, often associated with non-interventionism, nationalism, and protectionist trade. Given Uzbekistan’s pragmatic foreign policy, can we speak of an “Uzbekistan First” policy? It is certainly not isolationist — but how is it manifested on a day-to-day basis?

Aripov: What you describe as “Uzbekistan First” is, in our understanding, fundamentally about prioritizing national interests – stability and predictability for the people of Uzbekistan. Yet Uzbekistan’s uniqueness lies in the fact that our national interests are closely intertwined with those of the entire region – this means shared upsides at the transactional and strategic levels and thinking long-term. We border every Central Asian country as well as Afghanistan, and therefore any issue — security, trade, transport, or water management — directly depends on the quality of our relationships with neighbors.

From his first days in office, President Shavkat Mirziyoyev — with his strategic vision and deep understanding of regional dynamics — declared that regional unity and mutual benefit stand at the core of Uzbekistan’s foreign policy. The essence of his doctrine is to resolve agreeably any historically or materially problematic issues with neighbors, remove barriers to understanding, and create predictable, stable conditions for mutually beneficial cooperation and the free movement of goods, ideas, and people.

That is the true meaning of “Uzbekistan First”: not isolation, but openness, predictability, and regional consolidation.

TCA: How are you realizing “Uzbekistan First” in practice?

Aripov: Uzbekistan is strengthening its economy domestically and global track – putting in place the building blocks for internal sustainable development and accelerating accession to the World Trade Organization. The latter means expanding the geography and composition of exports and increasing the country’s investment attractiveness.

This approach is rooted in the logic of sustainable development within the broader international context: long-term national interests are best served by Uzbekistan integrating into global value chains and markets. The results speak for themselves: in 2024, Uzbekistan’s GDP grew by 6.5%, foreign direct investment increased by more than 50% to reach $11.9 billion, and the target for 2025 is to attract $42 billion. This performance is also a tribute to our style of diplomacy, grounded in respect and having a constructive attitude towards others.

Thus, “Uzbekistan First” represents a modern model of open, dynamic, and diversified growth in which national interests are achieved through cooperation rather than autarky and bullying.

TCA: Many in Central Asia view the United States’ heightened attention to the region as a sign of support that goes beyond rhetoric and small talk. How is this U.S. new engagement manifested? Given that some observers in the West see engagement with Central Asia as part of a larger geopolitical contest, do you expect U.S. interests to materialize tangibly?

Aripov: Neither Uzbekistan nor any country in Central Asia is interested in reviving the logic of the “Great Game.” It runs counter to our interests. Our choice is cooperation, not confrontation; partnership, not rivalry.

Competition exists in the region, but we seek to ensure it remains healthy and conducive to development. What matters most is access to technology, investment, and modern standards of education and governance. These practical needs — not geopolitical maneuvering — explain the growing dynamism of our relations with the United States.

Our engagement with the U.S. is highly practical: human-capital development programs, credit-guarantee instruments, infrastructure modernization, cooperation on energy, water resources, and agricultural technologies.

TCA: What is your response to those who urge Central Asian countries to abandon their balanced, non-ideological diplomacy and take sides in the geopolitical ambitions of others?

Aripov: While I only speak for Uzbekistan, Central Asian states are not guided by ideological or bloc-based considerations. They follow a pragmatic course built on common sense, balance, and diversification. The key principle is pragmatic geoeconomics over ideological geopolitics — the best way to minimize dependency risks and maximize benefits.

The region consistently demonstrates adherence to international norms and commitments, including partnerships with long-standing allies. Attempts to draw Central Asia into confrontational geopolitics lack foundation and are contrary to our way of thinking.

TCA: Given Russia and China’s strategic presence in Central Asia, do these relationships hinder Uzbekistan from deepening its ties with the United States or the European Union?

Aripov: Russia and China are Central Asia’s largest trade and investment partners, accounting for about half of the region’s external trade. They play central roles in transport, energy, and industrial infrastructure.

Western partners fully recognize this reality. “Replacement” is neither feasible nor desired. To be sure, we do not believe in zero-sum engagement.

TCA: What do you mean by zero-sum?

Aripov: Uzbekistan builds its foreign policy not on the logic of “friend or foe” or of “win or lose” but on a “partner-partner” basis – on a win-win attitude. Having said that, we have a three-pillar strategy which includes: diversification of economic and technological partners; non-alignment with military-political blocs; and pragmatic, project-oriented diplomacy grounded in national development interests.

This must be absolutely clear. Such a model strengthens our resilience and strategic autonomy, creating space for deeper and more fruitful engagement with both Eastern and Western partners.

TCA: A recent U.S. readout noted that Presidents Trump and Mirziyoyev announced Uzbekistan’s willingness to invest billions in the United States and in U.S. companies. What concrete steps are being taken to implement this vision?

Aripov: This is not only about Uzbekistan investing in the United States; equally important are American investments in Uzbekistan, new trade deals, access to advanced technologies, integration into global governance standards, and the development of high-tech production capacities inside Uzbekistan.

A clear architecture is being established to implement these agreements and priorities.

An American-Uzbek Business and Investment Council has been created as a new platform to strengthen bilateral trade and investment cooperation. It will be co-chaired by the Head of the Presidential Administration of Uzbekistan and a representative of the U.S. President.

TCA: When will that happen?

Aripov: Starting in 2026, the liberalization of cross-border financial operations will allow Uzbek companies to invest abroad and American companies to operate more freely in Uzbekistan.

Diplomatic and project-coordination capacity is also being enhanced: within Uzbekistan’s Embassy in Washington, a new position of Minister-Counselor representing the Presidential Administration has been established to promote major investment and trade projects.

Institutional support is expanding — EXIM Bank and the U.S. International Development Finance Corporation (DFC) are opening opportunities for large-scale financing.

Meanwhile, the United States is becoming an even bigger market for Uzbek textiles, copper, chemicals, pharmaceuticals, and polymers.

Bilateral cooperation is therefore shifting from political dialogue to a deep technological and industrial partnership. That is good news.

TCA: The 7th Consultative Meeting of Central Asian Heads of State was held in Tashkent on 16 November 2025. How can Uzbekistan and Azerbaijan strengthen their partnership while balancing the expectations of major regional actors?

Aripov: Azerbaijan’s decision to join the Consultative Format of Central Asian Leaders is truly historic. As President Mirziyoyev noted, a new strategic bridge has emerged between Central Asia and the South Caucasus.

This tie-up is of fundamental importance for our region.

The key structural challenge for Central Asia is transport and logistics: being landlocked makes imported goods abnormally expensive, with transport costs exceeding 50% of final prices.

Azerbaijan plays a pivotal role in the Middle Corridor, opening the way for Central Asia to European markets. The more actively we trade, invest, and develop joint infrastructure, the more resilient the entire region becomes.

Particularly important is President Mirziyoyev’s proposal to transform the Consultative Meetings into a Community of Central Asia — a mature, institutionalized structure capable of shaping rules, standards, and long-term development plans. We are confident this is where the region is heading.

Uzbekistan Reopens Termez-Hairaton Passenger Crossing with Afghanistan

Uzbekistan has reopened the Termez-Hairaton passenger crossing, restoring direct movement between Uzbekistan and Afghanistan, the country’s Chamber of Commerce and Industry has announced via its official Telegram channel. While visa requirements remain in effect, the decision marks a significant step toward improving cross-border mobility and trade.

Passenger movement across the strategic bridge had been suspended since 2021, complicating travel for Uzbek entrepreneurs. To reach Mazar-i-Sharif, just 75 kilometers from the Ayritom checkpoint, businesspeople were previously forced to take an all-day detour through Tajikistan. The resumption of direct access eliminates a major logistical barrier for exporters and traders.

Officials say the reopening is expected to bring substantial benefits for Uzbek companies exporting goods to Afghanistan. Bilateral trade has been growing steadily, and the authorities project that the restored route will help push exports to $2.5 billion by 2026.

Uzbekistan and Afghanistan have also been working to deepen broader economic cooperation. During a visit to Kabul in August of last year, Uzbek Prime Minister Abdulla Aripov held talks with Afghan officials on expanding trade, strengthening energy collaboration, and partnering on key projects in copper, iron, oil, and gas. At that time, both sides agreed that bilateral trade could reach $1 billion in 2024, with the potential to rise to $3 billion in the near future.