Научные исследования
и инновации в индустрии 4.0
I-
Республиканская научно
-
техническая конференция
(Ташкент,
13-15
марта
2022
года)
213
ECONOMIC BENEFITS OF THE NEW UZBEKISTAN’S
ACCESSION TO THE EURASIAN ECONOMIC UNION
Khaitova Feruza
Tashkent state university of economics, Masters degree
Annotation: The following article examines the current state of the
Uzbek economy, its challenges and future successes. In particular, they
discussed the current role of the Eurasian Economic Organization in the
creation of a new strategy for our country, the “New Uzbekistan” and its
benefits for Uzbekistan.
Keywords: competitiveness, democratic change, competition, new
Uzbekistan, international market, Eurasian Organization, OSCE member
states, GDP, economic benefits.
Introduction. The globalization of the economy in the international world,
the growth of global commodity and financial markets, digital technology, as
well as the social and economic problems of the population are leading to
increased competition in the transition to new technological developments.
The main solution to the emerging problems is to become one of the leading
countries in the field of science and innovation, to achieve international
competitiveness and to address the controversial issues arising from
globalization.
It is known that over the past five years, our country has undergone
large-scale democratic changes. The head of our state Shavkat Mirziyoyev
said: strengthening the atmosphere of friendship and solidarity between
citizens and nations; further raising the spiritual world of our people;
Protection of the rights and freedoms, legitimate interests of every citizen of
Uzbekistan, regardless of nationality, language and religion, guaranteed
source of income, medical care and housing, quality education; poverty
reduction and social protection of the needy; We have developed a New
Uzbekistan strategy aimed at enhancing the country’s prestige and prestige in
the international arena”.
Today, the new Uzbekistan’s need to enter international markets, as
well as its growing economic demands, require the establishment of a legal
framework for cooperation with the member states of the Eurasian Economic
Union. At the same time, it is important to exchange experiences and
information in the fields of economy, education, health, industry, agriculture,
energy and labor migration.
Научные исследования
и инновации в индустрии 4.0
I-
Республиканская научно
-
техническая конференция
(Ташкент,
13-15
марта
2022
года)
214
METHODS
In preparing this article, statistical data of the Republic of Uzbekistan,
analysis of structural changes, articles published by world and Uzbek
scientists and information provided in textbooks were studied. In addition, a
comparative analysis of the current state of the economy of our country was
made. Based on the results of the analysis, relevant conclusions and
recommendations were made.
RESULTS
As a result of the analysis, a number of conclusions were drawn.
Nowadays, the population of Uzbekistan has reached 35 million, and by
2026 it is expected to exceed 38 million. This means that our country ranks
37th in the world in terms of population, surpassing the population of
countries such as Poland, Canada and Saudi Arabia. In addition, about
55% of the country's youth are young people, and at least 600,000 young
people enter the labor market every year. Such demographic growth will lead
to an increase in economic demand, as well as the need to enter international
markets, which requires the establishment of cooperation between the
Republic of Uzbekistan and the member states of the Eurasian Economic
Union in all areas of the organization.
ANALYSIS
Uzbekistan’s accession to the Eurasian Organization is beneficial, and
our country is the main inter-regional link. In addition, there are a number of
consequences of our country’s membership. First of all, economically, it will
increase the flow of money to our country, increase exports, strengthen
industrial associations, and increase the flow of urban infrastructure. Foreign
analysts say Uzbekistan has a favorable environment for starting private
businesses and attracting direct investment. The investment infrastructure in
Uzbekistan alone can reach $ 1-1.5 billion. This, in turn, will increase the
country’s GDP by 0.3-0.4% per annum.
Second, the Eurasian Organization will help to alleviate the problems
between its member states, including the socio-economic conflicts in
Uzbekistan resulting from unemployment and full employment.
It is known that in order to improve the living standards of the population
and create conditions for sustainable development, the Eurasian Economic
Union will help its member states to strengthen cooperation in mutual trade,
reduce barriers, modernize the national economy and increase
competitiveness.
It is obvious that the Eurasian Economic Union is a very large market,
and being an equal member of this market creates great opportunities for
Uzbekistan. For example, the members of the OSCE – the Russian
Federation, the Republic of Belarus, Kazakhstan, Kyrgyzstan and Armenia –
have a total area of 20.3 million square kilometers, a population of 186 million
people and a GDP of $ 1.9 trillion.
Научные исследования
и инновации в индустрии 4.0
I-
Республиканская научно
-
техническая конференция
(Ташкент,
13-15
марта
2022
года)
215
If we look at the results of foreign and mutual trade turnover of goods of
the OSCE member states, we can see that by May-July this year, trade
turnover, exports and the positive balance have grown significantly.
In January-July 2021, the volume of foreign trade of the Eurasian
Economic Union with non-EU countries amounted to 450.4 billion US dollars,
including exports – 275.6 billion US dollars, imports – 174.8 billion US dollars.
Compared to January-July last year, trade turnover increased by 30.4% or
$ 104.9 billion, exports by 34.4% or $ 70.5 billion, imports by 24.6% or
$ 34.4 billion. The positive balance of foreign trade in goods in January-July
2020 amounted to $ 100.8 billion, compared to $ 64.7 billion.
b
illion U
.S.
d
olla
rs
Turnover
Eksport
Import
Balance
Compared to January-July 2020, exports to non-EU countries increased
by 51.1% from Belarus, 38.3% from Russia, 19.2% from Armenia and
7% from Kazakhstan. caused an increase in the volume of deliveries.
Compared to the same period in 2020, the volume of imports of goods
from non-OSCE countries increased by 61.6% in Kyrgyzstan, 29.1% in
Russia and 9.8% in Belarus. In Armenia – 9.6%.
January – July 2021
July 2021
million
dollars
In January –
July 2020 in
%
million
dollars
July 2020
in %
June 2021
in %
EAEU
Turnover
450 427,6
130,4
79 161,9
166,8
108,2
Eksport
275 588,2
134,4
51 832,0
111,7
Import
174 839,4
124,6
27 329,9
125,0
102,2
Balance
100 748,8
24 502,1
Научные исследования
и инновации в индустрии 4.0
I-
Республиканская научно
-
техническая конференция
(Ташкент,
13-15
марта
2022
года)
216
ARMENIA
Turnover
2 809,1
113,4
461,5
119,3
100,4
Eksport
1 171,9
119,2
172,7
118,7
79,7
Import
1 637,2
109,6
288,8
119,7
118,9
Balance
-465,3
-116,1
BELARUS
Turnover
21 409,8
129,1
3 251,1
120,6
106,7
Eksport
11 713,7
151,1
1 873,1
139,8
110,4
Import
9 696,1
109,8
1 378,0
101,6
102,0
Balance
2 017,6
495,1
KAZAKHSTAN
Turnover
39 991,4
102,7
6 200,4
132,9
90,5
Eksport
27 781,7
107,0
4 353,6
90,2
Import
12 209,7
93,3
1 846,8
74,1
91,2
Balance
15 572,0
2 506,8
KYRGYZSTAN
Turnover
2 062,2
114,6
308,5
105,5
104,6
Eksport
528,2
62,1
37,2
31,3
84,2
Import
1 533,8
161,6
271,3
156,4
108,2
Balance
-1 005,5
-234,1
RUSSIA
Turnover
384 155,3
134,5
68 940,4
174,8
110,3
Eksport
234 392,7
138,3
45 395,4
114,5
Import
149 762,6
129,1
23 545,0
133,8
103,0
Balance
84 630,1
21 850,4
The above-mentioned positive aspects of Uzbekistan’s accession to the
Eurasian Economic Union (Belarus, Kazakhstan, Kyrgyzstan, Belarus,
Russia) are also considered positive for bank exports. – There is a favorable
environment for attracting the right investments. Attracting investment, in turn,
will help increase labor productivity in Uzbekistan, both through the
modernization of physical infrastructure and the introduction of new
technologies. Accession to the common labor market of the OSCE envisages
additional inflow of remittances to Uzbekistan ($ 1.5-2 billion) and real annual
growth in GDP by another 0.3-0.4%.
DISCUSSION
According to forecasts, the expansion of domestic sectors and the
expansion of industrial cooperation will help Uzbekistan, along with all other
countries, to diversify the economy and the structure of the country’s export
basket.
By the end of 2020, exports between member states amounted to
$ 3 billion. Due to the accession of Uzbekistan, this figure will increase
significantly, and taking into account all the factors, after joining the OSCE,
the growth rate of GDP of Uzbekistan will increase from the current 5.5% to
Научные исследования
и инновации в индустрии 4.0
I-
Республиканская научно
-
техническая конференция
(Ташкент,
13-15
марта
2022
года)
217
6.9 per year. It is expected to grow to ,27.2%. Analyzing the main socio-
economic indicators of Uzbekistan, our country has the highest GDP in
Central Asia ($ 57.7 billion) compared to other countries (Kyrgyzstan
$ 7.7 billion). In terms of population (34.6 million), Russia is in second place.
However, Uzbekistan lags behind its citizens in terms of per capita
income. In terms of purchasing power parity, the country's GDP per capita in
2020 amounted to $ 7.4 thousand. In this respect, Uzbekistan lags behind
Kyrgyzstan, but is more than 3.5 times behind Russia and Kazakhstan, 2.5
times behind Belarus and almost 2 times behind Armenia.
As mentioned above, one of the reasons for the decline in income is the
low productivity of economic sectors: in agriculture (25% of GDP) this figure is
twice as high as in Russia and Belarus, and in industry and construction - 4
times higher than in Kazakhstan.
At the systemic level, economic efficiency is hampered by a lack of
investment and the current state of technology and physical infrastructure.
Although there are some disadvantages of our country's accession to
the Eurasian Economic Union, there are many positive aspects and they are
in the interests of Uzbekistan. It all depends on careful preparation for joining
the organization. Then this event will serve the interests of our people and will
contribute to the further growth of our economy.
REFERENCES:
1. On approval of the “road map” of the republic of uzbekistan for
cooperation with the eurasian economic union 775-IV 02.03.2021.
2. A.V. Vakhabov, Sh.X. Khajibakiyev, Sh.I. Rakhmanov, X.A. Usmanova.
World economy and international economic relations. Study guide. – T.: «Voris-
publishing house», 2014.
3. https://www.spot.uz/oz/2021/07/05/yoii/
4. G.G. Nazarova, Z.M. Iminov, X.X. KHalilov, O.B. Khamidov. World
economy and international economic relations. Textbook. – T.: TSUE, 2011.
5. http://www.eurasiancommission.org/ru/act/integr_i_makroec/dep_stat
/tradestat/publications/Documents/Ext_2020.).
6. Eurasian Economic Union statistics. Policy review March 11, 2021.
7. https://www.spot.uz/oz/2021/07/05/yoii/.
