European Commission Identifies Key Trade Commodities With Kyrgyzstan

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 4. The top category of goods exported from the EU to Kyrgyzstan in 2022 was transport equipment, accounting for 32 percent of the EU's total exports, a source at the press office of the European Commission (EC) told Trend .

Following closely behind were machinery at 31 percent and chemicals at 12 percent of the total exports, according to the same source.

On the other side, the EU's imports from Kyrgyzstan primarily comprised minerals, making up 36.7 percent of the total, and precious metals, accounting for 34.7 percent.

The EC source mentioned that trade between the EU and Kyrgyzstan surged by 291 percent in 2022, reaching a total of 1.319 billion euros. This positioned the EU as Kyrgyzstan's fifth-largest trading partner, contributing 5.1 percent to the country's external trade.

Regarding investments, the stock of EU foreign direct investment (FDI) in Kyrgyzstan saw a slight increase of 2.3 percent, reaching 18.1 billion euros in 2021, based on the most recent data provided by the EC.

Speaking about bilateral cooperation, the press service mentioned the EU-Kyrgyzstan Partnership and Cooperation Agreement (PCA), which has been in effect since 1999, aimed at strengthening the ties between Kyrgyzstan and the EU.

Additionally, negotiations for an Enhanced Partnership and Cooperation Agreement (EPCA) were concluded in 2019 and are now awaiting signature.

Among the benefits of cooperation between Kyrgyzstan and the EU, Kyrgyzstan enjoys the advantages of the GSP+ scheme, the source said.

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+, a country must adhere to several international conventions related to human rights, environmental protection, and responsible governance. Kyrgyzstan has enjoyed GSP+ status since 2016, which grants it complete relief from customs duties on over 6,000 different product categories in the EU, covering a wide range of goods.

MENAFN04102023000187011040ID1107184534