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US may help Uzbekistan in reforming capital market

Business Materials 23 November 2019 14:27
US may help Uzbekistan in reforming capital market

BAKU, Azerbaijan, Nov. 23

By Fakhri Vakilov-Trend:

Uzbekistan’s Ministry of Justice, together with the Capital Market Development Agency, organized a meeting with the US delegation consisting of Senior Central Asia Advisor of the US Department of State Richard Stoddard and Attorney Advisor-International at the Commercial Law Development Program (CLDP) Michael Cofield, Trend reports citing Uzbekistan’s Ministry of Justice.

The parties discussed the possibility of providing practical assistance by the United States to improve the regulatory framework in Uzbekistan’s capital market.

The meeting was organized to facilitate implementation of the instructions of Uzbekistan’s President Shavkat Mirziyoyev to increase the role of the capital market in developing the country's economy and corporate governance, expanding the stock market and improving the regulatory framework in this area.

The Uzbekistan’s side expressed interest in attracting practical assistance from the American side in unifying more than 80 main regulatory legal acts of Uzbekistan in a single law “On the capital market”, taking into account modern world practice.

Stoddard expressed his readiness to consider the possibility of supporting these proposals of the Uzbek side.

On Nov. 2019, Office of the US Trade Representative (USTR), part of the Executive Office of the US President, has announced its decision to terminate the practice of hearings that examined the applicability of the General System of Preferences (GSP) to Uzbekistan.

Following the consideration of the parties' submissions and the materials submitted, USTR decided to maintain the application of duty free trade regime with Uzbekistan and to close the hearing on the issue of intellectual property.

The General System of Preferences is a duty-free regime for importing goods into the United States, established in accordance with the 1974 Trade Act in relation to imports from developing countries. Uzbekistan was granted the beneficiary status of GSP (the right to duty-free supplies to the United States) in Aug. 1994.

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