Uzbekistan is going to participate as an observer on Eurasian Economic Union

Legislative Chamber of Uzbek Parliament on April 28, 2020 approved the Government's suggestion for Uzbekistan's participation in the Eurasian Economic Union (EEU) as an observer.

The lawmakers found Uzbekistan's participation in the Eurasian Economic Union as observer state "reasonable."

The Eurasian Economic Union includes Russia, Armenia, Belarus, Kyrgyzstan and Kazakhstan. Moldova has an observer status.

Studies show that the interaction of Uzbekistan with the EEU will increase capacity of foreign trade, strengthen the competitiveness
of economic sectors and protection of the rights of our compatriots engaged in labor activities in foreign countries.

It is expected that as a result of this cooperation, export oriented
value-added products rates could be increased by $ 1.6 billion, rail transportation costs will decrease by $ 220 million, and the income of labor migrants will increase by 15–20%.

Due to the simplification of customs procedures in agriculture, the volume of deliveries of fruits and vegetables from Uzbekistan to the member countries of the EEU will increase.

The procedures for international transportation will also be simplified, and the free movement of passengers, goods and vehicles will be ensured.

At the same time, interaction with the EEU will lead to a decrease
in production in some sectors of the country, a partial loss of jobs, a decrease in investment activity and the pace of modernization of the economy.

According to forecasts, cooperation may positively affect the foreign trade and balance of payments of Uzbekistan, as well as the stability of the national currency.