Uzbekistan to conclude agreement on free trade zone with EAEU

Business Materials 10 October 2019 14:00 (UTC +04:00)

Baku, Azerbaijan, Oct. 10

By Fakhri Vakilov-Trend:

Uzbekistan plans to conclude an agreement with the Eurasian Economic Union (EAEU) on a free trade zone by the end of 2021, Trend reports referring to the draft Decree of the president of Uzbekistan on the “Concept of integrated socio-economic development of Uzbekistan until 2030”.

The document, which is published on the website for discussion of draft regulatory documents of Uzbekistan regulation.gov.uz, also indicates the possible timing of Uzbekistan's entry into the World Trade Organization (WTO).

The draft decree ocument contains a provision on the "expansion of foreign trade through the signing of free trade agreements with the EAEU and several other countries."

The signing of an agreement with the Eurasian Economic Union is planned within the implementation of the first stage of the concept in 2019-2021. At this stage, the economy of Uzbekistan should be adapted to new conditions and market mechanisms.

The second stage, the implementation of which is planned for 2022-2025, involves the study of the issue of the country's entry into the EAEU and the WTO. In addition, the project plans “liberalization of trade policy and exports, revision of non-tariff tariffs and bringing them into line with agreements and WTO rules”.

The completion of the concept discussion is scheduled for October 22; then document should be approved by the president of Uzbekistan.

During the visit to Uzbekistan on Oct. 1-3, the Chairperson of the Federation Council of Russia Valentina Matviyenko stated that President of Uzbekistan Shavkat Mirziyoyev is working on the issue of Uzbekistan's accession to the EAEU.


Follow author on Twitter:@vakilovfaxri