Tashkent, Uzbekistan (UzDaily.com) – On 18-23 February, the Government delegation of the Republic of Uzbekistan is on a working visit in the capital of the European Union (EU).

The delegation of Uzbekistan consists of O. Khakimov, Director of the Center for Economic Research and Reforms (CERR) under the Presidential Administration of the Republic of Uzbekistan, O. Olimjonov, Project Manager of the Institute for Forecasting and Macroeconomic Research, G. Ismailova, Vice-Rector of the University of World Economy and Diplomacy.

The purpose of the visit is to clarify the main provisions of the annual Address of the President of the Republic of Uzbekistan Shavkat Mirziyoyev Oliy Majlis, to bring to the EU political circles the essence and significance of the initiatives put forward by the President of Uzbekistan, the democratic reforms aimed at the formation of a new Uzbekistan.

Within the framework of the visit, on 18 February, a presentation was held at the Embassy of the Republic of Uzbekistan in Brussels (Belgium) on the topic: “Foreign Policy of Uzbekistan: Interests, Principles, and Expected Results from Deepening Interaction with Global and Regional Trade and Economic Organizations (WTO and EAEU)”, organized by the Center for Economic Research and reform.

Khakimov presented the audience with information about the achievements and priorities of the country in promoting its interests in the international arena, as well as about the tasks that the Government faces, voiced in the Address of the President to the Oliy Majlis.

During the event, the key points of the Address of the President of the Oliy Majlis were announced, announced on 24 January in the foreign policy sphere:

current achievements, regional policy priorities;

priorities for participation in international organizations;

approaches to integration into regional and international trade and economic structures.

In particular, the director of CERR presented information on the principles and expected results of deepening the interaction of Uzbekistan with global and regional trade and economic structures, primarily the WTO and the EAEU.

In January 2020, experts from the Center for Economic Research and Reforms completed a study on the impact of a possible entry of Uzbekistan into the EAEU on key sectors of the economy of the republic. Moreover, it should be noted that CEIR is currently conducting a similar study on the impact of Uzbekistan’s accession to the WTO, the results of which will be presented shortly.

During the presentation, the CERR Director spoke about some of the benefits for Uzbekistan of WTO membership, for example, that:

the entry will increase the likelihood of accelerating scientific and technological progress in the industry due to the greater selection and acquisition of high-tech equipment;

consumers will have access to a wide range of higher quality products;

Uzbekistan will be able to fully participate in the mechanism for resolving trade disputes and in developing new rules for international trade, as well as protect its interests.

It is indicated that at this stage, the national interests of Uzbekistan require ensuring sustainable economic development, improving the quality of economic growth and creating decent conditions for the life of the population. This is possible through the transition from the existing raw materials development model to a more efficient resource-saving, innovative model of economic growth with the maximum use of digital technologies.

In order to take advantage of the benefits of participating in international trade, a country must have the right macroeconomic policy, the necessary institutions (tax, customs, legal, financial, marketing, etc.) and a favorable infrastructure (transport and logistics, communication, information, etc.) e.), which would support and facilitate the development of trade.

Since the fall of 2019, discussions have intensified in Uzbekistan over the country’s integration into international economic associations, primarily in the EAEU and the WTO. However, the issue of Uzbekistan’s entry into the EAEU remains open and the country’s Parliament is currently studying the feasibility of a possible membership of the Republic of Uzbekistan in this organization.

The presentation participants were also provided with detailed information about the impact of trade policy changes on the macroeconomic indicators of Uzbekistan with the possible entry of Uzbekistan into the EAEU. So it was announced that the cumulative effect of joining the EAEU will increase the growth rate of Uzbekistan’s GDP as estimated:

Center for Economic Research + 0.9%;

Russian Institute of Economic Policy E.T. Gaidar by + 1.0%;

Independent consulting company “Berlin Economics” (analytical center) by + 0.23%.

In conclusion, those present noted that without export support and access to new markets, sustainable economic growth cannot be achieved. Under these conditions, the President of Uzbekistan Shavkat Mirziyoyev announced the need for a reset of the foreign policy and foreign economic strategy in order to create prosperity

In conclusion, those present noted that without export support and access to new markets, sustainable economic growth cannot be achieved. Under these conditions, the President of Uzbekistan Shavkat Mirziyoyev announced the need to reset the foreign policy and foreign economic strategy in order to create favorable conditions for the export of goods to world markets.