The President of Uzbekistan signed a document on the ratification of the Preferential Trade Agreement between Uzbekistan and Turkey on February 22, 2023. The Agreement was signed on March 29, 2022, in Tashkent, during the second meeting of the Uzbek-Turkish High-Level Strategic Cooperation Council, EastFruit experts inform with reference to the official statement by the Ministry of Justice of Uzbekistan.
Thus, the international agreement on preferential trade between the two countries was ratified by Uzbekistan.
The main goal of the Preferential Trade Agreement between the two countries was to further strengthen trade and economic ties by creating even more favorable business conditions for producers and exporters of both states, ensuring there are no customs duties on certain goods or reducing their current export volume.
What does this mean for the producers and exporters of the two countries?
Under the agreement, the parties approved a list of products subject to preferential trade, consisting of 12 items for each of these countries. The list of Uzbek goods is dominated by agricultural products – vegetables, fresh fruits, dried apricots, raisins, dried peaches, beans, almonds, walnuts, peanuts, etc. The list of Turkish goods is dominated by industrial products: electrical transformers and inductors, their parts, connectors, and conductors, pipes, rolled products from ferrous metals, and centrifugal pumps.
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The abolition of existing customs duties on Uzbek agricultural products in Turkey will serve to further increase their competitiveness by simplifying import procedures. In turn, the entry of Turkish industry into the local market on the terms of preferential trade will create the basis for the development of industrial cooperation between the two countries and the provision of Uzbekistan’s business with cheap and high-quality equipment and raw materials.
At the same time, it was also planned to consider expanding the list of goods approved under the agreement, based on the production and export potential of the two states – Uzbekistan and Turkey.
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