Friday, 07, May, 2021

Business

The 5th round of negotiations on the terms of a preferential trade deal with Turkey was held at the Uzbekistan Ministry of Investments and Foreign Trade through video conferencing, the ministry said in a statement.


The purpose of the deal is reportedly to advance trade and economic ties by facilitating the two-way trade. The parties noted that it is an important and effective step to increase the bilateral trade up to $ 5 billion.

In particular, customs duties will not apply to certain goods, or will be significantly reduced.

The negotiations allowed us to comprehensively review the provisions of the draft agreement, as well as to study in detail the lists of Uzbek and Turkish goods, for which it is planned to apply the preferential trade regime, the statement added.

While, the Turkish side announced the readiness of the Ministry of Trade of Turkey to provide the necessary technical assistance for Uzbekistan's accession to the WTO, including in terms of advising on the application of anti-dumping, countervailing duties, protective measures, as well as mechanisms for subsidizing business entities in agriculture sector.

Uzbek exporters will be compensated air and road transportation cost—č, it follows from the decree of the President Shavkat Mirziyoyev.

The President Shavkat Mirziyoyev signed the Urgent Measures to Support Textile and Ready-Made Garment Industry Decree on Monday.

The World Bank today announced the 30-month debarment of Uzbekistan-based manufacturing company Mega-Mebiko JV LLC, in connection with fraud as part of the Syrdarya Water Supply Project in Uzbekistan.

The Uzbek-Slovak-Russian JV Chirana Asia for mechanical ventilators and anesthesia machines has been set up in Bektemir district and will launch manufacturing ventilators by the end of May, the Ministry of Innovation Development said.

Since Jan. 1, 2020, into the Tax Code has been inserted the provision on payment of VAT by foreign companies that provide e-services in Uzbekistan.

Retailers are allowed to trade strawberries in Tashkent city makhallas (neighborhoods) during lockdown, the mayor’s office said in a statement.

As of April 1, the exports value of Uzbek textile firms topped US$ 455.9 million, despite the coronavirus pandemic having a serious negative impact on the world trade.

The Ministry of Innovative Development plans to launch the production of mechanical ventilation devices (MVD) together with partners from Russia and Slovakia, the ministry said.

The Coca-Cola Company plans to invest US$ 31 million in 2020-2021to boost the JV in Uzbekistan in which it holds a stake, the Uzbekoziqovqatholding said in a statement.