Uzbekistan and Kazakhstan signed a series of documents, including a strategy on economic cooperation till 2016 upon completion of the 2nd session of the interstate coordinating council on Thursday, Itar-Tass reported.

Prime Ministers of Uzbekistan and Kazakhstan, Shavkat Miziyayev and Karim Masimov, signed a strategy on economic cooperation till 2016 that determines key directions of the governments’ activities in such areas as trade, investments and finances, water-energy sector, transport and communications, border interaction and innovations.

Opening the session, Masimov said, "Kazakhstan rivets priority significance to further strengthening of cooperation with friendly Uzbekistan in the spirit of the Treaty of Eternal Friendship between the two countries that was signed in 1998."

He considered Uzbekistan "not only a friendly country but also a reliable strategic partner who plays a decisive role in ensuring stability and security in Central Asia and the economic development of the whole region".

At the same time, he said, "Despite the dynamic trade turnover rates, the two countries have a big unused potential for strengthening cooperation."

In 2006 trade turnover between Uzbekistan and Kazakhstan reached US$703.8 million that exceeded by 2.9 times trade turnover in 2005. In the five months trade turnover amounted to US$525 million. A total of 48 joint enterprises operate in Uzbekistan. Over 700 small and medium-size enterprises operate in Kazakhstan with Uzbekistan’s participation.

During his official visit to Uzbekistan, Masimov took part in a ceremony of presenting the Development Bank of Kazakhstan. "Economic reforms in Uzbekistan open broad opportunities for investors from Kazakhstan," he said.

Masimov also met Uzbek President Islam Karimov.