Kyrgyzstan Seeks Means To Provide For Simplified Trade With Eu

9/13/2023 7:19:15 PM

(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, September 14. Kyrgyzstan has requested an extension of its current staunder the Generalized System of Preferences (GSP+), which makes trade operations with the countries of the European Union (EU) more simple without additional commitments, Trend reports.

This request was made during the 19th meeting of the Trade and Investment Subcommittee between Kyrgyzstan and the EU. The meeting covered variaspects of trade and economic cooperation, including discussions on sanitary and phytosanitary measures and the GSP+ scheme.

The EU's GSP+ program is designed to offer import duty exemptions for specific products imported into the EU from developing nations.

To qualify for GSP+, the country must adhere to several international conventions related to human rights, environmental protection, and responsible governance. The GSP+ stagrants Kyrgyzstan complete relief from customs duties on over 6,000 different product categories in the EU, covering a wide array of goods. Kyrgyzstan has enjoyed GSP+ stasince 2016.

In 2022, trade with the EU accounted for 5 percent of Kyrgyzstan's overall trade volume, reaching $603 million. This figure increased by 76 percent compared to 2021. There was a 60.6 percent surge in exports and a 78.6 percent increase in imports.

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