On March 24, within the framework of the Tashkent Investment Forum, a panel discussion was held on the topic: “Trade liberalization and economic integration”, which are priority areas for the development and renewal of the economy of Uzbekistan, and are among the key tasks outlined in the development strategy of New Uzbekistan for 2022-2026.
The primary goal is to liberalize trade and increase the competitiveness of the economy, which will ultimately ensure the strengthening of Uzbekistan’s position in foreign trade, as well as stimulate economic growth and ensure a further increase in the well-being of the people.
Moderated by Dahlia Khalifa, Senior Manager, New Market Development Advisory Programs, IFC
Speakers spoke:
Sadik Safaev, First Deputy Chairman of the Senate Oliy Majlis of Uzbekistan;
Galina Saidova , Deputy Advisor to the President of the Republic of Uzbekistan on the development of economic sectors, the implementation of investment and foreign trade policy;
Badriddin Abidov , Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan;
Xiangchen Zhang, Deputy General Director of the World Trade Organization;
Stefan Füle, European Commissioner for Enlargement and Neighborhood Policy 2010-2014 years.
“Behind every reform, there is a well-thought-out program of action,” said First Deputy Chairman of the Senate Oliy Majlis of Uzbekistan Sadiq Safaev. – Since 2016, profound large-scale reforms have been carried out in Uzbekistan, thanks to which our country has become more open, cooperation with countries of near and far abroad has reached a new level, and a close dialogue has been established. The New Uzbekistan is shaping a policy of close international cooperation, including in trade with countries such as China, Turkey, the USA and others.
The main directions of reforms were noted, including a free society, justice, the rule of law, democratization and building a liberal market economy. The actions, taken to increase the competitiveness of the economy, to ensure the strengthening of Uzbekistan’s position in foreign trade were also announced.
Galina Saidova, Deputy Advisor to the President of the Republic of Uzbekistan on the development of sectors of the economy, the implementation of investment and foreign trade policy, spoke:
– As you know, we have carried out a quick and effective liberalization of the foreign exchange market. This is the strongest and most effective tool for the development of the foreign market as well. As a result, the number of participants in foreign economic business has doubled. Export increased by 1.4 times, and import – by 2 times. Markets of the USA, Canada and other countries are open for us now. In other words, we have made many breakthroughs in foreign trade.
– First of all, we are introducing a mechanism for creating value chains. We received from the export of cotton from 800 million to 1 billion dollars. Now we have practically abandoned this, exporting only textiles worth $3 billion up to date. However, there is a need to strike a balance between market liberalization and retention of high-paying jobs. By solving this problem, we will be able to make a leap to the next stage of liberalization,” summed up Galina Saidova.
Xiangchen Zhang, Deputy General Director of the World Trade Organization listed the main factors of strengthening and liberalization of trade relations. Among them – the desire to keep up with the trends of modernity, moving forward quickly, combining liberalization with departmental reforms, building capacity – the knowledge and experience of countries that have achieved success in this direction. Despite the effects of the pandemic, the country’s priorities have been and remain to maintain trade relations and the economy. During this time, a lot of support has been provided for local entrepreneurs, and now we see their steady growth. In 2020, due to the pandemic, Uzbekistan’s accession to the WTO was suspended, but we continue to work in this direction. More than 30 documents for entry have already been submitted. Now we are concentrating on achieving all WTO standards and norms,” said Xiangchen, Deputy General Director of the World Trade Organization Zhang.
European Commissioner for Enlargement and Neighborhood Policy 2010-2014 Stefan Fule expressed during his speech his readiness to support Uzbekistan for broad integration into world trade.
– I was convinced that now is the best time to hold such a large-scale international forum, – said Stefan Fule. – We see how the country’s leadership gives the green light to serious reforms, and Uzbekistan has become an attractive region for investment. The more reforms, the better the impact on the business atmosphere in the country, and hence on trade.
The integration of countries into the regional and world economic system leads to the formation of a large market for goods of manufacturing and processing industries, making it possible to obtain products of a deep degree of processing with a high rate of added value. This allows countries to jointly enter the markets of third countries, carry out structural transformations in production, foreign trade, and switch to progressive technologies and the latest technology.
In accordance with the development strategy of the new Uzbekistan for 2022-2026, a number of measures are envisaged, in particular, the study of the impact of Uzbekistan’s membership in the World Trade Organization, the development of relevant proposals to bring regulatory standards to the requirements of its agreements.
The priorities of any country in the integration process is to achieve the competitiveness of the economy through the creation of a strong industrial and innovative base and the diversification of the economy.
