BAKU, Azerbaijan, Apr.9
Trend:
A special generalized system of preferences of the European Union (GSP+) will begin to be applied to Uzbekistan, which was granted status of the system’s beneficiary country, since April 10, 2021, Trend reports referring to Uzbek media.
According to the media, the EU's decision to grant the above status will give a powerful impetus to investors and representatives of the private sector for the implementation of promising projects in the country, as well as form a solid basis for diversification and accelerated development of trade and economic relations between the country and the EU.
As a member of the GSP+ system, Uzbekistan will receive additional economic benefits over the standard GSP by completely eliminating tariffs for two-thirds of the product lines covered by the GSP. This will contribute to the growth of exports and the attraction of additional investment to the country. GSP+'s commitment to sustainable development further strengthens Uzbekistan's position as a reliable and long-term economic partner.
The acceptance of the country as a beneficiary of GSP + reflects reforms and consistent positive development in the socio-economic and labor spheres. The Uzbek government has initiated many ambitious reforms, in particular, to improve the business climate, the judiciary, security services, working conditions, and administrative accountability and efficiency.
The Concept of Social and Economic Development of Uzbekistan until 2030 has set a number of tasks, including the expansion of foreign trade through the signing of free trade agreements with the EAEU member countries, including Russia, Kazakhstan, Kyrgyzstan, and Belarus, and several other countries.
Earlier, in December last year, Uzbekistan received the status of an observer state in the EAEU, along with Moldova and Cuba.