Trade Relations - The Times Of Central Asia

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Trade Relations

Uzbekistan and Hong Kong Agree to Launch Business Council

Uzbekistan and Hong Kong have taken a step toward expanding economic ties after the Chamber of Commerce and Industry of Uzbekistan and the Hong Kong General Chamber of Commerce (HKGCC) signed a memorandum of understanding on business cooperation. According to Uzbekistan’s Chamber of Commerce and Industry, the agreement was signed during a business mission to Central Asia led by Hong Kong Chief Executive John Lee Ka-chiu. The memorandum is intended to deepen trade and economic relations and create new opportunities for businesses in Uzbekistan and Hong Kong. The document follows several months of discussions. Negotiations began in March during a visit by Uzbekistan’s Ambassador to China, Farhod Arziev, to the HKGCC. The talks continued through meetings and consultations, including a visit by a delegation from Uzbekistan’s Chamber of Commerce and Industry to Hong Kong in May. A key outcome of the agreement is the planned establishment of the Uzbekistan-Hong Kong Business Council. The platform is expected to support regular dialogue between entrepreneurs, help build commercial partnerships, and advance joint projects in trade and investment. The two sides also plan to organize business forums, B2B meetings, and trade missions to increase direct contacts between companies and investors. The agreement comes as Hong Kong increases its economic engagement with Central Asia. Earlier this month, a Hong Kong delegation visited Kazakhstan, where agreements were signed in areas including finance, logistics, technology, energy, and trade. As previously reported by The Times of Central Asia, Kazakhstan secured more than 40 commercial agreements during the visit and began discussions on new investment and tax cooperation frameworks with Hong Kong. The Chamber of Commerce and Industry of Uzbekistan said the memorandum is expected to open new opportunities for businesses in both jurisdictions while supporting increased trade and investment cooperation.

U.S. Companies

Uzbekistan Hosts 336 U.S. Companies

As of December 1, 2025, Uzbekistan is home to 336 enterprises with U.S. capital participation, according to data released by the National Statistics Committee. The figures reflect the growing presence of American businesses in Uzbekistan amid ongoing efforts to strengthen bilateral economic ties. Of the total, 146 are joint ventures, while 190 are fully foreign-owned enterprises. Tashkent city accounts for the majority, hosting 237 companies, a testament to its role as Uzbekistan’s primary financial and commercial hub. Tashkent region follows with 31 companies, while Samarkand region hosts 19. Other regions with U.S.-capital enterprises include Bukhara (8), Kashkadarya and Navoi (6 each), Fergana and Jizzakh (5 each), Andijan, Syrdarya, and the Republic of Karakalpakstan (4 each), Namangan and Khorezm (3 each), and Surkhandarya (1). The latest data comes amid a broader institutional push to enhance Uzbekistan-U.S. economic cooperation. In November 2025, the government launched the Uzbekistan-U.S. Business and Investment Council, a new platform aimed at deepening trade and investment ties. The initiative was formalized by presidential decree on November 12, following agreements reached during President Shavkat Mirziyoyev’s official visit to Washington for the C5+1 summit. In a further step to facilitate business and tourism links, Uzbekistan introduced a visa-free regime for U.S. citizens starting January 1, 2026, allowing stays of up to 30 days.

Trade Relations

EU Monitors Uzbekistan’s Compliance with Trade Preferences Scheme

A European Union (EU) Generalised Scheme of Preferences Plus (GSP+) monitoring mission has arrived in Uzbekistan to assess the country’s compliance with trade-related commitments. The delegation will hold discussions in Tashkent and Bukhara with the Uzbek government, social partners, civil society, and UN representatives on key issues such as human rights, labor rights, environmental protection, climate change, and good governance, the EU Delegation to Uzbekistan announced. Uzbekistan’s GSP+ Status and Trade Relations with the EU The GSP+ is a special EU trade incentive program that supports countries with vulnerable economies due to limited export diversification and insufficient integration into the global trading system. To qualify, countries must ratify and effectively implement 27 international conventions covering areas such as human rights, labor rights, environmental protection, climate change, anti-corruption, and drug control. Uzbekistan has been a GSP+ beneficiary since April 2021, joining a select group of just eight countries worldwide. As part of the program, the EU conducts regular dialogues and monitoring missions to ensure compliance with the required international UN and International Labour Organization (ILO) conventions. The current monitoring mission will remain in the country until March 20. Progress and Key Trade Figures Since the last monitoring mission in 2022, Uzbekistan has made notable progress in its trade relations with the EU. Currently, approximately 60% of EU imports from Uzbekistan benefit from GSP+ preferential market access, with chemical products, fertilizers, cotton, and plastics being the main export beneficiaries. Uzbekistan also ranks among the top GSP+ countries in terms of preference utilization, having used nearly 84% of all available trade preferences in 2023. For the 2024-2025 reporting period, the EU has identified nine priority areas for monitoring to ensure Uzbekistan continues to comply with GSP+ requirements.