Uzbekistan Opens Access to Global Commodity Markets Through New International Venture
Tashkent, Thursday, 17 September 2026.
Uzbekistan’s commodity exchange has partnered with Singapore’s PhillipCapital to launch UZEX Global, granting Central Asian businesses direct access to major international futures markets like CME Group and ICE.
UZEX Global Launches to Bridge Central Asian Commodities
The Uzbek Commodity Exchange (UZEX) and Singapore-based PhillipCapital have officially launched UZEX Global JV LLC, a joint venture designed to integrate Uzbekistan’s commodity markets with international futures exchanges [1]. Announced on September 16, 2026, and officially launched on September 17, 2026, the entity is based in Singapore and utilizes Phillip Nova’s proprietary technology suite to facilitate trading [1]. The initiative provides corporate clients in Uzbekistan with direct access to major global platforms, including the CME Group, Intercontinental Exchange (ICE), and the London Metal Exchange (LME) [1]. Benjamin Yeo, General Director of UZEX Global, stated that the venture combines local market knowledge with international experience to provide greater access to global futures markets [1].
Economic Reforms Drive Market Integration
This financial infrastructure development occurs against a backdrop of significant structural reforms initiated in 2016 under President Shavkat Mirziyoyev, transitioning the economy from state-led to market-oriented [2]. Economic growth has averaged 6% annually since 2017, reaching 7.7% in 2025, with GDP growth projected at 8.1% for 2026 [2]. While the Central Bank of Uzbekistan adopted an inflation-targeting mandate in 2020 with a 5% medium-term target, inflation stood at 6.4% as of July 2026 [2]. The Central Bank also signed a Memorandum of Understanding with The Currency Exchange Fund in March 2026 to develop a local derivatives market for risk management [2].
Commodity Exports and Regulatory Outlook
Uzbekistan remains a top global producer of key commodities, including gold, copper, and uranium, with 2025 exports totaling US$33.4 billion [2]. Gold exports accounted for US$9.9 billion of this total, representing a significant share of 29.641% of total exports [2]. Looking ahead, the government aims to fulfill World Trade Organization accession requirements by the end of 2026 [2]. Additionally, a new Capital Market Law presented to the President in June 2026 is pending adoption by the Uzbek Parliament to introduce financial instruments meeting International Swaps and Derivatives Association standards [2].