Uzbekistan has adopted a new law introducing important amendments to several legislative acts, aimed at further liberalizing foreign trade, modernizing corporate governance, and aligning national regulations with international standards. The law will take effect three months after its official publication.

 

Enhanced Corporate Governance Standards

 

The amendments to the Law on Joint Stock Companies and the Protection of Shareholder Rights are designed to clarify and strengthen the responsibilities of executives, supervisory board members, and majority shareholders. The updated norms reinforce the requirement that decision-makers act fairly, transparently, and in the best interests of the company and all shareholders.

The concept of fiduciary duty meaning the obligation to act in the most responsible and trustworthy manner toward the company and its stakeholders is formally incorporated into national legislation. This includes higher accountability for preventing conflicts of interest, mismanagement, or actions that could harm minority shareholders.

These changes aim to promote more responsible corporate behavior, ensure equal treatment of shareholders, and support the development of a modern corporate governance culture.

 

Elimination of Double Import Duty Rates

 

A significant part of the reform concerns changes to customs regulation. The law abolishes the previous practice of applying double import tariff rates to goods entering Uzbekistan from countries that do not grant a most-favoured-nation regime and where certificates of origin are not presented.

The updated rules create a more predictable and uniform customs system. They are expected to ease the import process, reduce costs for businesses, and bring national legislation closer to the norms used in international trade, including those of the World Trade Organization.

 

Promoting Fair Trade and Expanding Foreign Trade Activity

 

The legislative reforms support fairer trade conditions by removing outdated mechanisms that complicated import and export procedures. By harmonizing national rules with international standards, the law is expected to:

• encourage greater volumes of import and export operations,
• improve competitiveness for domestic companies,
• expand access to foreign markets,
• create a more open and investor-friendly business environment.

The changes reflect Uzbekistan’s broader economic strategy of integrating more deeply into global trade networks and improving the overall business climate.

 

Implementation and Institutional Responsibilities

 

Government bodies, including relevant ministries and agencies, have been instructed to ensure effective implementation of the new rules. This includes updating administrative procedures, informing businesses and the public about the new requirements, and coordinating efforts to maintain regulatory consistency across the system.

The newly adopted legislation marks an important step in Uzbekistan’s ongoing economic reforms. By strengthening corporate governance norms and removing restrictive customs practices, the country aims to foster greater transparency, fairness, and openness in both domestic business operations and international trade.