EU Extends Uzbekistan’s GSP+ Membership Until 2027
The European Union Extends GSP+ for Uzbekistan
The European Union has extended the validity of the General System of Preferences GSP+ for Uzbekistan until December 31, 2027. This extension comes as welcome news for Uzbek exporters, as they have already saved 28 million euros in import duties last year thanks to GSP+.
According to the Ministry of Investment, Industry, and Trade, this extension is a major EU contribution to the development of the private sector in Uzbekistan. The private sector has seen significant growth in the past few years, with a more than tenfold increase from 2019 to 2022.
In 2022, within the framework of GSP+, Uzbekistan exported textile products to the European market for $177.4 million, showing a 26.4% increase compared to the previous year. Additionally, exports of chemical products increased by 4.7 times, reaching $138.3 million. There were also significant increases in the export of food ($19.7 million, +3%) and electrical equipment ($9 million, +17%).
Uzbekistan officially became a participant in the General System of Preferences of the European Union on April 10, 2021. 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.
Under the previous GSP, Uzbekistan was able to export 3,000 goods to the EU without customs duties and 3,200 items at reduced rates. With GSP+, the number of goods that can be imported duty-free has more than doubled to over 6,200.
This extension of GSP+ is set to benefit both Uzbek exporters and the EU, as it will facilitate increased trade and further strengthen economic ties between the two entities.
