UZBEKISTAN REDUCES CUSTOMS DUTIES ON A NUMBER OF TYPES OF RAW MATERIALS
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On 4 September 2017, the President of the Republic of Uzbekistan adopted a Decision №ПП-3254 "On measures on further streamlining foreign economic activity of the Republic of Uzbekistan".
The document was adopted in order to further encourage the production of import-substituting and export-oriented finished products, enhance its competitiveness, create favorable conditions for providing domestic producers with imported raw materials, as well as meet consumer demand.
Starting September 10, 2017, customs duty on polymers in primary forms, rubber, vegetable textile fibres, some ferrous metals, chemical products are set to be established at zero rates. Customs duties are to be reduced for liquids for storing contact lenses, video recorders and video equipment.
The reduction of customs duties on raw materials for the production of finished products will be a strong incentive for domestic producers, thereby lowering production costs and increasing its competitiveness, it will limit the prerequisites for price growth in the domestic consumer market.