Trade turnover between Uzbekistan and EU makes up 1.8bn euros

He said that the EU was among the five largest trade partners of Uzbekistan, claiming the fourth place after China, Russia and Kazakhstan.

He said that machines, equipment and tools (711 million euros or 43.8% of total exported EU products), chemical and related products (382 million euros, of which 249 million euros were pharmaceutical products, or 23.5%) and industrial products (148 million euros or 9.1%) were the most demanded European goods in Uzbekistan.

Uzbekistan exported chemical and related products (85 million euros or 48.7% of exported products from Uzbekistan to EU), textile and closes (40 million euros or 22.8%), fruits, vegetables and other agriculture goods, minerals and other raw materials (32 million euros r 18%), he said.

Eduards Stiprais noted that both sides acknowledge that the volume of trade is unsatisfactory and work on increasing it. He said that the sides are using various tools to stimulate bilateral trade-economic relations.

He said that Uzbekistan and the EU are holding regular and open dialogue to develop trade-economic relations. He recalled that officials are meeting to eliminate barriers, hindering to development bilateral trade and investments.

The sides are working on creation of the Council on trade and investments, which will unite officials and business entities of Uzbekistan and the EU, the envoy said.

He said that EU stimulates exports of ready products from Uzbekistan via eliminating barriers to simplify access to the European markets. Eduards Stiprais recalled that the EU parliament approved so called textile protocol to the Agreement on partnership and cooperation in December 2016.

EU Ambassador said that the document will cut customs duties for Uzbek cotton and textile products, imported to the EU.

Eduards Stiprais said that the EU welcomes economic reforms in Uzbekistan. He said that eliminating barriers for doing business will create favourable business and investment climate. This will help to increasing number of the European companies and firms in Uzbek market and developing trade-economic cooperation.