Uzbekistan’s textile and ready-made garment exports to the EU countries will grow to US$ 1.2 billion due to the country becoming the beneficiary of the preferences within GSP+, the UzTekstilSanoat association said.
Earlier on November 30, the European Commission approved Uzbekistan's application for status of a beneficiary of the Generalized System of Preferences Plus.
After the adoption of the decision, Uzbek producers and exporters will be able to start using unilateral tariff preferences when exporting their goods to the European market. At the same time, the number of commodity items that Uzbek producers will be able to export to the EU countries will grow to 6200.
According to experts, under the GSP+ trade regime, Uzbekistan’s textile and ready-made garment exports could the initial stage top US$ 300 million, further increasing to US$ 1.2 billion in 2025.
Currently, Uzbekistan’s total textile exports stands at US$ 2.1 billion, with the CIS countries, Turkey, China accounting for the most of it, while the EU’s share stood at modest US$ 60 million in 10 months of 2020.
UzTekstilSanoat expects that the interest of European countries in Uzbek goods will rise, with Uzbek textile products gaining in competitiveness due to the GSP+ status.
