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Using preferences in foreign trade, entrepreneurs of Kyrgyzstan will be able to enter new markets

April 29, 2023

On April 27, 2023, the International Business Council held the IBC TradEx 2023 event, at which local entrepreneurs were introduced to the trade preferences available for Kyrgyzstan when conducting foreign trade.

The Kyrgyz Republic has been granted a number of preferences in trade by foreign countries. Our country has the status of a member of the European Union's GSP+ (Generalized System of Preferences), the US GSP, and the UK's Developing Countries Trading Scheme (DCTS). Kyrgyzstan was one of the first in the CIS to join the World Trade Organization (WTO), and uses the advantages of the Eurasian Economic Union (EAEU).

However, not all entrepreneurs and businesses know how to use all these advantages in trading systems. Therefore, we organized this event to provide all the necessary information, answer the questions of entrepreneurs, and most importantly, spread information further across the regions of the country so that any potential exporter can use these advantages,” said Askar Sydykov, IBC Executive Director.

TradEx brought together representatives of government agencies, embassies, international organizations and, most importantly, entrepreneurs, and organized panel sessions with companies that support export-import operations, including law firms, laboratories, logistics companies and others.

Invited experts and specialists shared their experience and knowledge to help entrepreneurs successfully enter international markets. Representatives of embassies and international organizations spoke about the benefits of preferential systems in trade. Entrepreneurs learned about online sales opportunities for exporters, how to open online stores on the basis of free online platforms, and got acquainted with the success stories of exporting goods.

An electronic directory of preferences for foreign trade will be available to all interested parties.

“From the very beginning, we designed our event with a focus on results and are pleased to see that we have achieved many of the planned goals. Holding such meetings is especially important, given the logistical difficulties in the region and in the world. In addition, constant fluctuations in prices for raw materials affect, as well as restrictions imposed on the export of certain types of goods from Kyrgyzstan, and other difficulties,” the IBC head said.

Unfortunately, the negative trade balance of our country remains. The volume of imports continues to prevail many times over the volume of exports of goods, so it is necessary to stimulate the development of exports as much as possible. Entrepreneurs of Kyrgyzstan need support more than ever, especially in foreign trade.

“In its activities, IBC tries to hold the most necessary events for business so that they are result-oriented and do not remain only at the level of meetings and discussions. I think that this time we have fulfilled our task,” the IBC head summed up the meeting.

We express our sincere gratitude for the support of the event to our sponsors — Alliance Altyn LLC and Stuart Essay and Environmental Laboratories LLC.