The 19th meeting of the Uzbekistan – European Union Cooperation Committee took place in Tashkent, highlighting the growing economic ties between Uzbekistan and EU member countries, National Information Agency of Uzbekistan reported. The event, co-chaired by Deputy Minister of Investment, Industry and Trade Badriddin Abidov, and Deputy Director of the European External Action Service for Eastern Europe and Central Asia, Luke Devin, showcased the deepening collaboration across various sectors.
The discussions centered on advancing financial, technical, trade, economic, and investment cooperation, with a special focus on liberalizing and simplifying trade procedures through the benefits of the Generalised Scheme of Preferences Plus (GSP+) of the European Union.
One of the key highlights of the meeting was the remarkable growth in trade turnover between Uzbekistan and the EU. Over the first 10 months of 2023, the trade turnover increased by an impressive 36%, reaching $4.8bn. Both parties expressed confidence in the need to sustain and enhance these positive trends through ongoing collaborative efforts.
Particular emphasis was placed on the notable increase in exports of products from Uzbekistan to EU countries. Since 2021, this figure has surged by 1.5 times, amounting to $794.6mn at the close of 2022. The participants underscored the significance of maintaining this upward trajectory and exploring avenues for further expansion.
The energy sector emerged as another focal point during the discussions, with both sides aiming for a 1.5-fold reduction in the energy intensity of the Uzbek economy and a 20% increase in energy efficiency by 2030. This partnership reflects a commitment to sustainable development and environmental responsibility.
In addressing cargo transportation and logistics, the European side affirmed its readiness to support Uzbekistan's endeavors to diversify transport corridors. Notably, there was a shared interest in the development of the Trans-Caspian International Transport Route, highlighting the importance of efficient and diverse transportation networks.
Following the event, both parties reaffirmed their mutual commitment to creating a favorable environment for interaction between Uzbekistan and the EU. This commitment includes the formation of relevant documents on cooperation in trade, economic, and investment spheres, further solidifying the robust partnership between the two entities.
Uzbekistan-EU Relations
The Partnership and Cooperation Agreement (PCA) between the EU and Uzbekistan, established in 1999, serves as the foundation for a multifaceted relationship. Covering political dialogue, good governance, justice and home affairs, democracy and human rights, trade, business and investment relations, economic and financial cooperation, as well as technical assistance, the PCA encapsulates the comprehensive nature of the bilateral ties.
The EU's financial assistance to Uzbekistan, primarily aimed at promoting economic development, has been ongoing. Since 2017, the European Investment Bank and the European Bank for Reconstruction and Development have increased their engagement with Uzbekistan, leading to a rise in the number and volume of ongoing projects.
Additionally, the EU is actively providing technical assistance to support Uzbekistan's application to accede to the World Trade Organization, underscoring the collaborative efforts to integrate Uzbekistan into the global trade landscape.
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