The Ministry of Foreign Trade has summed up the results of the year

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December 29, 2017

The Ministry of Foreign Trade has summed up the results of the year

Systemic activities on modernization and diversification of the economy are being carried out in our country. In particular, one of its results this year was the liberalization of trade, increasing the country’s export potential.

Customs duties for all exported goods and services were abolished, the licensing and export system was simplified. A zero rate of customs duties has been established for more than 60 percent types of goods. Thus, the customs duty rate in Uzbekistan has been reduced up to 6,45 percent.

This was noted at the press conference on the results of activities of the Ministry of Foreign Trade of the Republic of Uzbekistan in 2017.

Necessary conditions for further liberalization of foreign trade, increasing the exports range of products that are in great demand in the world market were created in 2017. For example, the prepayment procedure for products has been eliminated and a system of delivering products to a foreign market without surety obligations has been set up in order to encourage exports. The obsolete licensing procedures were abolished, tax exemptions for exporters were extended.

The unified deadline for calculating overdue accounts receivable on export contracts was extended to 120 days. A number of conveniences have also been created for entrepreneurs in customs control.

Speaking about the liberalization of the economy, creation of an opportunity for free conversion of the national currency should be emphasized. Starting from September 2017, the procedure for compulsory sale of the currency part received from exports has been canceled. This provides further stimulation of small business and private entrepreneurship and introduction of modern technologies into production.

This year, the policy of expanding trade and economic relations with foreign countries continued in foreign trade policy. In 2017, more than 20 high-level visits, more than 60 meetings with heads and representatives of state and international organizations were held. As a result, export contracts were signed for 11 billion US dollars.

As Deputy Minister of Foreign Trade Sakhib Saifnazarov noted, the Concept of development of export activity of the Republic of Uzbekistan in 2018-2021 has been developed. It is aimed at ensuring implementation of the Action Strategy, expanding the export potential of the country through the production development of new types of products. Its successful implementation will contribute to increasing the country’s export volume by 2,5 times, in the future.

At the event, information on activities of stimulating foreign trade, which the ministry will have to execute in 2018, was provided.