Tashkent, Uzbekistan (UzDaily.com) – On 6 February 2011 a meeting with the Ambassador Extraordinary and Plenipotentiary of the Republic of Singapore to the Republic of Uzbekistan (with a residence in Singapore), Mr. Zulkifli bin Baharudin, who is in our country on a visit, was held at the Center for Economic Research and Reforms (CERR) under the Presidential Administration of the Republic of Uzbekistan.

Mr. Z. Bakharudin noted that the steady growth of the economy of Uzbekistan, which has been observed over the past few years, has confirmed the effectiveness of the chosen economic development model. Investment policy allowed the republic to attract significant foreign investment, including from Singapore. He noted that Singapore is further interested in expanding cooperation in all areas.

The purpose of the meeting was to discuss the prospects of bilateral cooperation between think tanks of Uzbekistan and Singapore.

Welcoming the guest, the Director of the Center for Economic Development and Research O. Khakimov informed about the large-scale transformations initiated by President Shavkat Mirziyoyev, as well as plans for the future. The key messages of the head of state to the Oliy Majlis (Parliament) of Uzbekistan were brought to those present.

During the meeting, O. Khakimov spoke about the current research of the Center. In particular, he noted that in January CEIIR experts completed an interim study of the impact of a possible entry of Uzbekistan into the Eurasian Economic Union (EAEU) on key sectors of the republic’s economy. A preliminary analysis showed in which areas of cooperation within the framework of this integration association there are positive effects, in which sectors of the economy there are risks, and also what prospects are expected when the country joins the EAEU.

Bakharudin, expressed particular interest in these studies. O. Khakimov spoke about the analysis of the consequences of Uzbekistan’s entry into the EAEU by the Center. He also noted that the CERR is conducting a similar study in the context of Uzbekistan’s accession to the WTO, and the final results have not yet been obtained.

It should be noted separately that in October last year, Singapore and the EAEU signed an agreement on the establishment of a free trade zone (FTA). The Free Goods Trade Agreement provides for Singapore to provide duty-free access for all goods of the EAEU countries. In turn, the obligations of the EAEU imply the provision of duty-free access for Singaporean goods, which make up 40% of the entire commodity nomenclature, immediately after the agreement enters into force. With an increase of up to 87% after the completion of all transition periods, which are from three to ten years.

Following the meeting, the parties agreed to expand cooperation in the field of research, develop exchange programs between Uzbek and Singapore think tanks.