BAKU, Azerbaijan, Apr. 30
By Ilkin Seyfaddini - Trend:
Uzbekistan’s accession to the EAEU could increase the country’s GDP by at least four percent, Trend reports with reference to Eurasian Studies analytical media.
Eurasian Studies conducted a comprehensive study on the challenges and opportunities of Uzbekistan’s potential participation in the EAEU.
According to the studies of analytical media, Uzbekistan joining the EAEU would affect their merchandise trade the following way:
|
Product group |
Export of Uzbekistan to EAEU |
Export of EAEU to Uzbekistan |
|
Fruits and vegetables |
Increase by $236 million (+27 percent) |
Increase by $13 million (+50percent) |
|
Natural gas |
Increase by $268 million (+53 percent) |
Increase by $16 million (+17 percent) |
|
Textiles and clothing |
Increase by $197 million (+25 percent) |
Increase by $16 million (+81 percent) |
|
Non-ferrous metals |
Increase by $46 million (+56 percent) |
Increase by $77 million (+41 percent) |
|
Ferrous metals and metal products |
Increase by $17 million (+62 percent) |
Increase by $729 million (+62 percent) |
|
Motor vehicles and parts |
Increase by $11 million (+23 percent) |
Increase by $446 million (+110 percent) |
"Consequently, the mutual trade liberalization, implemented if Uzbekistan were to join the EAEU, only for these product groups would mean an increase in commodity exports from Uzbekistan to the Eurasian Economic Union by $775 million. This would correspond to an increase in the country’s GDP by at least 1.5 percent. Divided by population, conditionally, every Uzbek citizen would be $23 richer", the message said.
According to the studies of analytical media, Uzbekistan’s participation in the union’s common capital market would increase total Uzbek exports of banking services to the Eurasian Economic Union by $1.5 million (+54 percent) and increase Eurasian exports to Uzbekistan of banking services by $5.3 million (74 percent). The gross welfare effect of financial market integration would be $2.3 million for the Uzbekistan. Neither Uzbek, nor Eurasian banks would incur producer losses from the mutual opening of their capital markets.
"Upon a potential accession of Uzbekistan to the Eurasian Economic Union, the inflow of Uzbek labor migrants to the EAEU member states would increase by 734,000 people (+37 percent). Personal money transfers from the EAEU countries to Uzbekistan could increase by $1.2 billion. This would increase the country’s GDP by 2.4 percent", the message said.
Eurasian Studies was founded on 25 August 2017 in Nursultan (Astana) in Kazakhstan at the Eurasian Week Business Forum. The aim of the media is to deliver informational and analytical support to the processes of Eurasian economic integration within the Eurasian Economic Union (EAEU) and the Greater Eurasian space.
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