Uzbekistan may obtain free trade contract with Singapore after joining EAEU

Business Materials 17 July 2020 09:03 (UTC +04:00)
Uzbekistan may obtain free trade contract with Singapore after joining EAEU

BAKU, Azerbaijan, July 17

By Ilkin Seyfaddini - Trend:

Singapore and Uzbekistan have been working together to enhance bilateral economic relations, a spokesperson of the Ministry of Trade and Industry of Singapore told Trend in an interview.

According to the spokesperson, Uzbekistan has a promising tourism sector and is rich in quality agri-produce.

"These are sectors of mutual interest. On tourism, there is potential for Singapore companies to explore the development of hospitality ecosystem in Uzbekistan. On agri-produce, Uzbekistan is looking to expand exports to new markets, while Singapore looks to diversify food import sources. There is value in enhancing business networks between our countries to grow partnerships and opportunities," she noted.

The spokesperson stressed the importance of connectivity for development of cooperation in trade and tourism.

"Direct flights between Tashkent and Singapore would make our respective markets more accessible to one another. Utilizing existing land links is another way to increase connectivity. Uzbekistan is well-located along Chinese Belt and Road Initiative, and can use the Chongqing Connectivity Initiative (New International Land Sea Corridor under the China-Singapore) to reach the Singapore and Southeast Asian market", stated the spokesperson of the ministry.

She also noted effectiveness of Uzbekistan’s pro-market reforms.

"Uzbekistan is in the process of acceding to the World Trade Organisation (WTO), a platform dealing with rules of trade between nations. These are important steps for integration into the global economy and attracting foreign investors. Uzbekistan has also indicated interest in joining the Eurasian Economic Union (EAEU), a key economic bloc in the region", stated Spokesperson of the Ministry.

According to the spokesperson, Singapore concluded a Free Trade Agreement (FTA) with the EAEU in 2019 and is negotiating services and investment agreements with four of the EAEU Member States to complete the FTA.

"Joining the EAEU would be an avenue for Uzbekistan to accede to the EAEU-Singapore Free Trade Agreement", she pointed out.


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