Over 60 parliamentary, governmental, and business representatives gathered in the UK capital, London, for a "round table" focused on "Unlocking New Horizons: Spotlight on UK-Uzbekistan Trade Opportunities", Dunyo reports.
Chaired by Uzbekistan's embassy and the Institute of Directors (IoD), the event featured representatives of over 25,000 British companies and entrepreneurs from various sectors of the economy.
Participants received a detailed presentation on Uzbekistan's modernization and economic liberalization processes and favorable trade, financial, and investment opportunities, including expanding Uzbek exports to the UK market.
British Parliament Lord John Waverley commended Uzbekistan's extensive and effective reform program and urged British business representatives to consider the country's economic prospects.
Simon Mellon, the Deputy Head of Partnerships for English Regions, at the Department for Business and Trade, highlighted the progressive dynamics of bilateral trade and confirmed British interest in expanding cooperation with Uzbekistan in several sectors of the economy.
The potential for mutual trade expansion was also discussed by adding Uzbekistan to the list of beneficiary countries of the Developing Countries Trading Scheme (DCTS). This would enable domestic enterprises to export their goods to the UK market without or at a low import duty.
Reportedly, the total trade in goods and services between the UK and Uzbekistan amounted to £245mn (nearly $315.8mn) in the four quarters leading up to the end of 4Q2022. This represents a significant decrease of £147mn (nearly $185.7mn) in current prices, or 37.5%, compared to the four quarters to the end of 4Q2021.
Uzbekistan was the UK’s joint 120th largest trading partner in the four quarters to the end of 4Q2022 accounting for less than 0.1% of total UK trade, the report reads.
Comments (0)