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The attractiveness of Uzbekistan for economic integration structures in the focus of attention of analysts

The website of the Agency for Economic Development of Germany ( Germany Trade & Invest, GTAI) has published an article dedicated to the cooperation of Uzbekistan with the Eurasian Economic Union (EAEU).

The publication analyzes the current status of the country’s observer in the organization, as well as the prospects for full-fledged membership of Uzbekistan in this union.

It is noted that Uzbekistan plays a special role in the formation of the New Silk Road, and the East-West and North-South corridors pass through it. In addition, our country is the only one that borders all the neighboring states of Central Asia.

“Whether it be transport routes, pipelines, energy corridors or water disputes: anyone who wants to succeed in Central Asia in the long term should involve Uzbekistan in cooperation,” the authors say.

They write about large-scale reforms launched in 2016, cross-sectoral modernization, and great labor and resource potential, thanks to which the country is an ideal candidate for joining the EAEU.

It is reported that on December 11, 2020, the country received observer status, which allows it to participate in meetings of the organization’s bodies and continue adapting to the EAEU market.

The economic potential for both sides was analyzed in a study by the Eurasian Development Bank (EDB), according to which growth in Uzbekistan could accelerate by 2.5 percentage points. According to EDB estimates, in the event of accession, the annual economic growth of Uzbekistan will increase by 1.4-1.7 percentage points, and this will be associated with capital investments, the creation of new jobs, and an increase in labor productivity.

It is emphasized that Uzbekistan is more than just an important market for the EAEU. The EDB estimates the additional export potential of the EAEU member states, made possible by the free movement of goods, at $ 1.6 billion. Uzbekistan is rich in raw materials and has great industrial and agricultural potential. Its agricultural products (fruits, vegetables, cotton), textiles, metals, and light industry products can compete in the EAEU markets, increasing competition and thereby transmitting price reductions and quality improvements to end consumers.

In addition, an increase in the number of members will strengthen the role of the EAEU in negotiations with third parties, the EDB believes. Together with Uzbekistan, the population of the union will be 216 million people, and the gross domestic product – 1 trillion 795 billion dollars.

“Thus, the EAEU is becoming more and more attractive for concluding free trade agreements,” summarizes the GTAI website.