BAKU, Azerbaijan, May 29
By Ilkin Seyfaddini - Trend:
For Czechia, Uzbekistan is the second-largest trading partner in Central Asia by trade volume, Head of Press Department and Spokeswoman for Ministry of Industry and Trade of the Czech Republic Stepanka Filipova told Trend.
The mutual trade turnover has been growing since the establishment of the Czech Republic, Filipova said.
The highest volume ($90.7 million) of trade was reached in 2013, the official added.
"The trade balance has been positive in favor of the Czechia since 2005. Unfortunately, in 2018, we recorded the highest decline in mutual trade to date - by more than 33 percent year-on-year in turnover. In 2019, the turnover reached $75.5 million, a year-on-year increase of 46 percent," she noted adding that Czech exports to Uzbekistan increased by more than 55 percent to $70.3 million, while the Czech imports decreased by 19 percent and stood at $5.3 million.
"The expansion and diversification of mutual trade were hampered by non-tariff barriers, notable problems with local currency conversion and transfer, and import protection measures," Filipova said. "Due to these obstacles, interest of Czech investors and exporters lagged far behind the business potential of Uzbekistan.
She added that although a substantial part of mutual trade is made up of Czech exports, the Czech economy's openness creates sufficient possibilities for Uzbekistani companies to operate on the Czech market.
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