At the eighth plenary session of the Senate of the Oliy Majlis held today, senators reviewed and approved the Law “On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan.”

It was noted that Uzbekistan continues to implement effective and consistent reforms aimed at developing corporate relations and introducing modern corporate governance practices.

Senators also stressed the growing need to further liberalize foreign trade by harmonizing national legislation with international norms, including agreements under the World Trade Organization (WTO).

Currently, 32.3% of Uzbekistanʼs imports come from countries with which it has a free trade agreement, 61.4% from countries granted most-favored-nation (MFN) status, and the remaining 6.3% from countries without a designated trade agreement or from goods with an unidentified country of origin.

Notably, 95% of imports are sourced from WTO member countries, while the remaining 5% come from non-member states.

Taking this into account, the new law amends the Customs Code by abolishing the practice of applying double import duties on goods imported from countries without MFN status if a certificate of origin is not provided.

Additionally, the deadline for transferring customs payments—due after the completion of actions or procedures by customs authorities—into the State Budget has been shortened from five working days to three.

These amendments aim to align national legislation with WTO rules, ensuring that foreign trade is conducted under fair and transparent regulations, while also helping to expand the scale of imports and exports.

The law also addresses improvements to the legal framework for corporate relations by defining the fiduciary duties of executive bodies and supervisory board members of joint-stock companies, setting out the general obligations and liabilities of majority shareholders, and promoting the adoption of modern methods and mechanisms of corporate governance.

During the session, the law was actively debated, with senators expressing confidence that it would help create more favorable conditions for entrepreneurship and broaden opportunities for accelerated economic growth.

The law was approved by the senators following the discussion.