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First beneficiary of Uzbekistan UK Enhanced GSP Scheme

Uzbekistan became the first country to be officially approved by the UK’s Enhanced Framework Generalized System of Preferences (EF GSP) on November 1, as a result of both sides’ diligent efforts to complete the process in just six months. became. A key factor behind the grant of status was Uzbekistan’s ratification of 27 major treaties in the areas of human rights, labor standards, the environment and sound governance.

According to a UK government press release, this development signals a very positive intention from both countries to turbo boost trade relations between the UK and Uzbekistan. In particular, import tariffs on more than 7,800 products manufactured in Uzbekistan will be zero.

GSP provides Uzbekistan with access to the world’s fifth-largest economy and the world’s most international consumer and retail markets of over £ 437 billion. For the UK, it facilitates access to Uzbekistan’s unique textiles and agricultural products, as well as to the fast-growing and developing markets, which are important hubs for access to a wider area.

Uzbekistan became the first country to be officially approved by the UK’s Enhanced Framework Generalized System of Preferences on November 1, after both sides’ diligent efforts to complete the process in six months. .. A key factor was Uzbekistan’s ratification of 27 major treaties in the areas of human rights, labor standards, the environment and sound governance.

The enhanced framework is categorized by the World Bank into low-income and low- and middle-income countries, targeting economically vulnerable countries due to lack of export diversification and low levels of integration with the international trading system. increase.

Fiber2Fashion News Desk (DS)



First beneficiary of Uzbekistan UK Enhanced GSP Scheme

Source link First beneficiary of Uzbekistan UK Enhanced GSP Scheme

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