15:38 / 24.11.2023
7554

EU extends Uzbekistan’s membership in GSP+ system of preferences until 2027

The European Union has extended the validity of the General System of Preferences GSP+ for Uzbekistan until December 31, 2027.

According to the Ministry of Investment, Industry and Trade, Uzbek exporters saved 28 million euros in import duties last year thanks to GSP+.

“This is a major EU contribution to the development of the private sector in Uzbekistan. During the period from 2019 to 2022, it grew more than tenfold,” the report says.

In 2022, within the framework of GSP+, Uzbekistan exported textile products to the European market for $177.4 million (+26.4% compared to 2022), and chemical products for $138.3 million (an increase of 4.7 times). Supplies of food ($19.7 million, +3%) and electrical equipment ($9 million, +17%) also increased significantly.

On April 10, 2021, Uzbekistan became an official participant in the General System of Preferences of the European Union. The GSP+ scheme offers further opportunities to increase trade between the EU and Uzbekistan by removing tariffs on a number of important export products such as textiles, clothing, and plastic products.

Previously, Uzbekistan used GSP, according to which it was possible to export 3,000 goods to the EU without customs duties and 3,200 items at reduced rates. Under GSP+, more than 6,200 goods can be imported duty-free.

Related News
Top