As a beneficiary of GSP+ Uzbekistan receives additional economic benefits in comparison with the standard GSP due to the complete abolition of tariffs on two-thirds of the product lines covered by the GSP, which, in turn, contributes to export growth and attracting additional investments to the country. The GSP+ commitments in the field of sustainable development further strengthen Uzbekistan's position as a reliable economic partner.
The European Union, with a population of more than 500 million people, is one of the largest markets in the world. For example, the market volume of the European textile industry is $ 98 billion, the leather and shoe industry - $ 24 billion, the agricultural industry - $ 24 billion.
The level of use of preferences under the GSP in Uzbekistan is currently quite high. The product segments that most benefit from reduced benefits are textiles and clothing, plastic products, as well as fruits, nuts and vegetables. And this, in turn, indicates that the structure of Uzbekistan's exports is already more diverse compared to other countries in the region.
As a result, there was a significant increase in trade: if in 2016 the volume of trade with the EU was about $ 1.98 billion, then in 2022 this figure more than doubled and reached $ 4.5 billion and continues to grow.
It is worth noting that the acceptance of Uzbekistan as a beneficiary of GSP+ reflects the effectiveness of the large-scale reforms being implemented in all spheres of the state's life, including improving the business environment, the judicial system, working conditions, and management efficiency.
The status of the beneficiary of the GSP+ system of preferences creates an opportunity to expand mutually beneficial trade and economic relations between Uzbekistan and representatives of European business. Another plus is the positive impact on the well-being of the population, since the deepening of trade ties serves to expand business activity in our country and create new jobs.
