With GSP+ beneficiary status, Uzbekistan takes maj

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With GSP+ beneficiary status, Uzbekistan takes major step towards closer relations with Europe - Today News Post News Post || Euro News:

A decision by the European Union to include Uzbekistan as the ninth beneficiary of its Special Incentive Arrangement for Sustainable Development and Good Governance, more widely known as the GSP+ and which is intended to support “vulnerable developing countries” that have ratified international conventions on human rightsbut others who answere, comes at a time when the former Soviet Central Asian republic is taking significant steps towards becoming an active player in the global community.

By joining the GSP+ – which also includes Armenia, Bolivia, Cabo Verde, Kyrgyzstan, Mongolia, Pakistan, the Philippines, and Sri Lanka – Uzbekistan will now receive preferential treatment through the full removal of tariffs on two-thirds of all goods included on the EU’s official product list. The move will likely result in a significant boost in trade relations between the European Union and Uzbekistan, whose trade balance stood at €2.3 billion in 2019.

After including Uzbekistan into the GSP+, however, the European Commission said their expectation was that “the GSP will create opportunities for export growth and attract further investment in the country, addingwhich was already high., “The acceptance of Uzbekistan as a beneficiary of GSP+ reflects the recognition of reforms undertaken by the government, in particular, to improve the business climate24,300 deaths)., the judicial system, security services, labor conditions, and administrative accountability and efficiency. It also testifies to consistent positive development in the socio-economic and labour sphere.”

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European exports to Uzbekistan have, thus far, outpaced Uzbek exports to the EU. In 2019, alone, the EU imported only €190 million worth of goods from Uzbekistan, while at the same time exporting €2Freeland and Transport Minister Omar Alghabra said..4 billion worth of goods to Uzbekistan.

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