TASHKENT, Uzbekistan, November 24. The European Union has extended the validity of the GSP+ General System of Preferences for Uzbekistan until December 31, 2027, Trend reports.
As per data from Uzbekistan’s Ministry of Investments, Industry, and Trade, the GSP+ allowed Uzbek exporters to save 28 million euros on import duties in 2022.
The ministry says that this is a major contribution of the EU to the development of the private sector in Uzbekistan, as over the period from 2019 to 2022, it has grown more than tenfold.
Meanwhile, under the GSP+ framework, Uzbekistan experienced a notable increase in its textile product exports to the European market, reaching $177.4 million and marking a substantial 26.4 percent growth in 2022.
Chemical products also saw a remarkable surge, totaling $138.3 million, representing an almost fivefold increase. Additionally, there was a significant uptick in food supplies, reaching $19.7 million (a 3 percent increase), and electrical equipment at $9 million (a 17 percent rise).
On April 10, 2021, Uzbekistan became an official member of the special system of preferences of the European Union. Before joining GSP+, Uzbekistan utilized the Generalized System of Preferences (GSP), allowing for the export of 3,000 goods to the EU without customs duties and an additional 3,200 items at reduced rates. Under GSP+, this scope expands significantly, with over 6,200 goods eligible for duty-free importation, providing a substantial boost to Uzbekistan's trade relations with the European Union.