Uzbekistan is becoming one of the important partners of the European Union
Uzbekistan
By implementing joint projects in the areas of socio-economic development, education, the rule of law, border management, combating crime and environmental protection and others, Uzbekistan is gaining the status of an important partners of the EU, Daily News Hungary reports.
It is especially worth emphasising that in recent years, as a result of the favourable conditions created in the country, the trade, economic and investment spheres between parties have been developing rapidly.
In recent years, there has been a noticeable growth in the trade and economic sphere. By the end of 2023, the EU accounted for almost a tenth (9.2 per cent) of Uzbekistan’s total trade turnover, equivalent to $5.8 billion.
Among member countries of the EU, Germany is a particularly important investment and trade-economic partner for Uzbekistan. As of January 2024, more than 100 joint projects worth more than 10 billion dollars are being implemented with partners from Germany.
Another major trade and economic partner of Uzbekistan is France. According to the results of the first quarter of 2024, France and Germany are among the top ten countries with the largest trade turnover with Uzbekistan. Among EU countries, Lithuania, the Czech Republic, and Italy are among Uzbekistan’s top ten trading partners.
Meanwhile, it is important to note that during the state visit of the President of Uzbekistan to Italy in June 2023, the countries signed a declaration on strategic partnership. A similar declaration was signed with Hungary in 2021.
In general, the development of Uzbekistan’s relations with the EU will open up new opportunities for both sides. In particular, for the European side, the area Uzbekistan and Central Asian will provide possibilities for stabilising transport and logistics chains, as well as alternative access to critical raw materials. For Uzbekistan, the EU is important in terms of finding new external markets, focusing the world community’s attention on water, climate and regional security issues, and diversifying foreign policy partners.
In recent years, there has been a noticeable growth in the trade and economic sphere. By the end of 2023, the EU accounted for almost a tenth (9.2 per cent) of Uzbekistan’s total trade turnover, equivalent to $5.8 billion.
Among member countries of the EU, Germany is a particularly important investment and trade-economic partner for Uzbekistan. As of January 2024, more than 100 joint projects worth more than 10 billion dollars are being implemented with partners from Germany.
Another major trade and economic partner of Uzbekistan is France. According to the results of the first quarter of 2024, France and Germany are among the top ten countries with the largest trade turnover with Uzbekistan. Among EU countries, Lithuania, the Czech Republic, and Italy are among Uzbekistan’s top ten trading partners.
Meanwhile, it is important to note that during the state visit of the President of Uzbekistan to Italy in June 2023, the countries signed a declaration on strategic partnership. A similar declaration was signed with Hungary in 2021.
In general, the development of Uzbekistan’s relations with the EU will open up new opportunities for both sides. In particular, for the European side, the area Uzbekistan and Central Asian will provide possibilities for stabilising transport and logistics chains, as well as alternative access to critical raw materials. For Uzbekistan, the EU is important in terms of finding new external markets, focusing the world community’s attention on water, climate and regional security issues, and diversifying foreign policy partners.
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