Uzbekistan 1st beneficiary of UK Enhanced GSP Scheme

25 Nov '21

2 min read

Pic: GOV.UK

Uzbekistan became the first country to be officially admitted to the UK enhanced framework generalised scheme of preferences (EF GSP) on November 1 after intense efforts by both sides to conclude the process in only six months. A key factor behind granting the status was that Uzbekistan ratified 27 key conventions in the areas of human rights, labour standards, environment and sound governance.

The development sends a hugely positive signal of intent from both countries to turbo boost the UK-Uzbekistan trading relationship, particularly now that there will be zero import duty on more than 7,800 products made in Uzbekistan, according to a UK government press release.

The GSP provides Uzbekistan with access to the world’s fifth largest economy and the most international consumer and retail market in the world worth over £437 billion. For the United Kingdom, it facilitates access to a fast-growing and developing market, which is a key hub to access the wider region, as well as Uzbekistan’s unique textile and agricultural products.

The enhanced framework is for countries that are classified by the World Bank as low-income and lower-middle income countries, and are economically vulnerable due to a lack of export diversification and a low level of integration with the international trading system.

Fibre2Fashion News Desk (DS)

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