Uzbekistan, Hungary plan to increase volume of mutual trade

Business Materials 18 February 2020 15:24 (UTC +04:00)
Uzbekistan, Hungary plan to increase volume of mutual trade

BAKU, Azerbaijan, Feb. 18

By Ilkin Seyfaddini – Trend:

Uzbekistan aims to increase trade with Hungary and plans to introduce Uzbek products to the European market, Trend reports via Uzbek media.

The 5th session of the Uzbek-Hungarian intergovernmental commission on trade-economic and scientific-technical cooperation as well as business forum with participation of representatives of business circles of the two countries was held in Tashkent on February 18.

The session was co-chaired by Minister of Investment and Foreign Trade of Uzbekistan Sardor Umurzakov and Minister of Foreign Economic Relations and Foreign Affairs of Hungary Peter Szijjarto.

Addressing the session, Sardor Umurzakov expressed Uzbekistan's interest in establishing strategic partnership with Hungary in trade-economic, investment, financial-technical, scientific-educational spheres.

According to him, in 2019 the trade turnover between the two countries amounted to $71 million (+44.9 percent), including exports of $485,200 (-56.6 percent), imports of $70.5 million (+47.2 percent).

"We are firmly convinced that we can multiply the trade turnover between our countries," said Sardor Umurzakov.

"Opening of trade houses, organization of mutual trade missions, constant exchange of lists of promising products for delivery to the Republic of Uzbekistan and Hungary, active participation in profile exhibitions in the territories of our states can play a big role in boosting bilateral trade turnover. In this vein, we welcome the signing of founding agreement on establishing an Uzbek-Hungarian trade house in Budapest," Umurzakov said.

Hungary's support for the swift application of GSP+ preferential tariff system of the European Union with regard to Uzbekistan will also help boost the volumes of mutual trade.

Uzbekistan plans to provide European consumers with high quality textile products, fresh and dried fruits and vegetables, grain legumes, wine and cognac concentrate, copper products, fertilizers and many others.

Generalized System of Preferences (GSP) is a system of preferential customs tariffs applied by developed countries on goods exported from developing countries to promote their economic growth and increase their export potential.


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