Uzbekistan Expects To Sign Free Trade Deal With Eurasian Economic Union By End Of 2021

Uzbekistan expects to sign an agreement to enter a free trade area with the Eurasian Economic Union (EAEU) by the end of 2021, according to the integrated socio-economic development project of the republic

TASHKENT (UrduPoint News / Sputnik - 08th October, 2019) Uzbekistan expects to sign an agreement to enter a free trade area with the Eurasian Economic Union (EAEU) by the end of 2021, according to the integrated socio-economic development project of the republic.

The country's economy ministry on Monday released the draft project on a public portal. After public discussions, the document will go to the country's president, Shavkat Mirziyoyev.

If the first stage of the project is carried out effectively, the country's economy will be ready to enter into the World Trade Organization (WTO) and the EAEU zone, according to the project.

The document analyzes the risks and benefits of joining the Russia-led trading bloc and the ways it may impact the economic well-being of, among others, small business owners.

Within the second stage (2022-2025), the Ministry of Economy proposes "a consistent study of the country's accession to the EAEU and the WTO," as well as liberalization of trade policy and exports, revision of non-tariff trade barriers and bringing them in accordance with WTO agreements and standards.

Uzbekistan, a former Soviet state, has struggled to recover its economy following the collapse of the USSR and the gradual loss of the Aral Sea, an important economic asset. President Mirziyoyev has made economic reform a priority and has sought to increase trade with Russia as well as facilitate China's Belt and Road Initiative.