Uzbekistan agreed on free trade in services with CIS countries

Uzbekistan has signed an agreement on free trade in services and investment within the Commonwealth of Independent States (CIS), Spot reports with reference to Komersant.

On June 8, at a meeting of the heads of government of the CIS in Sochi, the prime ministers of the participating countries signed an agreement on free trade in services and investment, which has been developed over ten years. The document guarantees access to service markets by lifting various restrictions in the areas of finance, transport, construction, consulting, education, healthcare and tourism.

According to the head of the Ministry of Economy of Russia Maxim Reshetnikov, the agreement softens the conditions for business in industry and agriculture. Investors from the CIS countries will find themselves in the same conditions as local and foreign entrepreneurs.

However, countries have identified sensitive sectors that are not covered by the agreement. For example, Uzbekistan will retain the right to apply legislative restrictions on foreign investment in the fields of electricity, nuclear energy and engineering.

The share of services is more than half of the GDP of the CIS member countries, so it is expected that the signing of the agreement will contribute to cooperation and attract capital, open up new areas, and also create additional jobs.

It is predicted that the implementation of the agreement in the short term will increase trade by 1.1%, mutual trade in services by 8%. Also, the total export of services will grow by 5%, and mutual imports by 3%.