THE ROLE OF GSP + SYSTEM AND ITS IMPACT ON DIVERSIFICATION OF UZBEK EXPORTS
Keywords:
GSP , Uzbekistan, EU, export diversification, trade facilitationAbstract
In April 2021, Uzbekistan became the ninth beneficiary country of the Generalized System of Preferences Plus (GSP+), a preferential tariff scheme offered by the European Union (EU) to promote sustainable development and good governance in developing countries. This marked a pivotal turning point in Uzbekistan's trade relations with the EU, opening up new opportunities for Uzbek exporters to reach the EU market with duty-free access for over 6,000 products.
The GSP+ scheme has been instrumental in fostering export diversification for Uzbekistan, enabling the country to expand its export portfolio beyond traditional commodities and explore new markets in the EU. This diversification has been particularly evident in sectors such as textiles, agriculture, and processed food products.
Furthermore, GSP+ has facilitated trade facilitation, eliminating tariffs, simplifying customs procedures, and reducing the overall cost of trade. Uzbek exporters have gained direct access to the EU market, streamlining trade logistics and enhancing market penetration. Notable companies like Uztex, Uzmarkaz, Organic Garden, and Samarkand Confectioners have emerged as key beneficiaries of GSP+, establishing themselves as prominent brands in the EU market.
Moving forward, Uzbekistan can capitalize on the momentum gained under GSP+ by investing in export capacity, promoting trade collaboration, addressing non-tariff barriers, and embracing sustainable practices. The country's journey under GSP+ serves as a testament to its dedication to economic diversification and integration into the global market.
References
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Ministry of Investment and Foreign Trade of the Republic of Uzbekistan. (2023). Investment Climate of Uzbekistan. https://www.trade.gov/country-commercial-guides/uzbekistan-investment-climate-statement
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