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Uzbekistan eyes to expand trade and economic co-op with China

Business Materials 7 October 2020 11:33
Uzbekistan eyes to expand trade and economic co-op with China

BAKU, Azerbaijan, Oct. 7

By Klavdiya Romakayeva - Trend:

Uzbekistan plans to expand trade and economic cooperation with China by attracting Chinese investors to projects in Uzbekistan, Trend reports citing uzdaily.uz.

Deputy Prime Minister, Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov held an online meeting with the leadership of the Ministry of Investment and Foreign Trade, the Ministry of Foreign Affairs, as well as the heads of the diplomatic missions of Uzbekistan in China, the US and EU countries on issues of bilateral cooperation with the United States, the European Union and China.

As part of the development of cooperation with the US, the issues of improving the bilateral legal framework were discussed, including through the signing of intergovernmental agreements on mutual protection of investments and the avoidance of double taxation, as well as mechanisms for attracting leading US companies to the implementation of investment projects in Uzbekistan.

In the direction of interaction with the European Union, parties considered the current state of the ongoing work on obtaining the status of the beneficiary country GSP+ (the special incentive arrangement for sustainable development and good governance) by Uzbekistan, as well as practical mechanisms were developed to accelerate this process.

In addition, parties discussed the need to accelerate the completion of negotiations on the conclusion of an Agreement on Enhanced Partnership and Cooperation between Uzbekistan and the European Union (EPC) and to take measures to amend the national legislation.

Particular attention was paid to further steps to expand trade and economic cooperation with China, meaning the establishment of systematic work to attract Chinese investors to implement projects in Uzbekistan, including by organizing business forums in China with presentations of specific investment proposals in priority sectors.

Parties also noted ample opportunities for working out new trade agreements within the framework of the planned participation of a delegation of Uzbek exporters in the Third International Exhibition of Imported Goods, which will be held on November 5-10 this year in Shanghai.

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Follow the author on Twitter: @romakayeva

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