Uzbek-British trade and economic relations are developing dynamically. Britain is considered to be one of the leading trading and investment partners of Uzbekistan amongst the EU countries. There are number of British companies successfully doing business in Uzbekistan.
Bilateral trade and investment cooperation is based on provisions of several agreements, namely «On avoidance of double taxation of incomes and prevention of tax evasion on income», «On economic cooperation», «On the encouragement and mutual protection of investments», «On air service» and «On cooperation in the field of tourism».
According to the «Partnership and Cooperation Agreement between the Republic of Uzbekistan and the European Union», Most Favoured Nation Treatment is applied in trade between Uzbekistan and the United Kingdom.
In 2016, trade turnover between Uzbekistan and Great Britain exceeded USD 151 million, export – USD 40,6 million and import – USD 110,7 million. In 2015 the trade reached USD 105,7 million, export – USD 32,8 million and import – USD 72,9 million.
Basic items of Uzbek export to the UK are products made of precious or semiprecious stones, fabrics, yarn, nonferrous metals, mineral oil, products of the agricultural and chemical industry, transport, insurance, communication and tourist services, etc.
The British import to Uzbekistan is comprised of medical equipment, produce of pharmaceutical and chemical industries, industrial, energy and telecommunication equipment, alcoholic beverages, etc.
A number of projects have been implemented in cooperation with British investments in the spheres of exploration and extraction of hydrocarbons and polymetallic ores, tobacco and pharmaceutical industry, etc.
Currently, 567 companies with British capital are operating in diverse sectors of Uzbek economy. More than 162 companies with 100% British capital were registered in Uzbekistan.
The fields of activity of enterprises, established with participation of the British capital, include mining, manufacture of food and drinks, tobacco products, building materials, produce of light industry, services in telecommunications, processing of agricultural production, rendering of leasing, consulting, insurance services.
There are 118 investment projects to be implemented in Uzbekistan in 2017-2019, and British companies are welcomed to participate in their implementation.
The Uzbek-British Trade and Industry Council (UBTIC) is a high-level platform for bilateral economic cooperation.
The Council is co-chaired by HE Mr Elyor Ganiev, Minister of Foreign Economic Relations, Investments and Trade of Uzbekistan and Dame Barbara Hey from the British side.
Since 1994, UBTIC held more than 20 annual sessions in London and Tashkent. The 23rd session of UBTIC was held on 17th November 2016 in Tashkent. The next 24th Session will take place in November 2017 in London.