high import duties. Excise taxes are applied in a highly discriminatory manner to protect locally produced goods, although the excises taxes were removed for foreign cars in 2020. Official tariffs are combined with unofficial, discriminatory charges resulting in total charges amounting to as much as 100 to 150% of the actual value of the product, making imported products virtually unaffordable. Import substitution is an officially declared policy and the government proudly reports a reduction by a factor of two in the volume of consumer goods imported. A number of CIS countries are officially exempt from Uzbekistan import duties. Uzbekistan has a Bilateral Investment Treaty with fifty other countries. The Republican Stock Exchange (RSE) opened in 1994. The stocks of all Uzbek joint stock companies (around 1,250) are traded on RSE. The number of listed companies as of January 2013 exceeds 110. Securities market volume reached 2 trillion in 2012, and the number is rapidly growing due to the rising interest by companies of attracting necessary resources through the capital market. According to Central Depository as of January 2013 par value of outstanding shares of Uzbek emitters exceeded nine trillion. Thanks in part to the recovery of world market prices of gold and cotton (the country's key export commodities), expanded natural gas and some manufacturing exports, and increasing labour migrant transfers, the current account turned into a large surplus (between 9% and 11% of GDP from 2003 to 2005). In 2018, foreign exchange reserves, including gold, totalled around US$25 billion. Foreign exchange reserves amounted in 2010 to US$13 billion. Uzbekistan is predicted to be one of the fastest-growing economies in the world (top 26) in future decades, according to a survey by global bank HSBC. Demographics Uzbekistan has the largest population out of all the countries in Central Asia around 36 million people. citizens comprise nearly half the region's total population. The population of Uzbekistan is very young: 34.1% of its people are younger than 14 (2008 estimate). According to official sources, Uzbeks comprise a majority (84.5%) of the total population. Other ethnic groups include Russians 2.1%, Tajiks 4.8%, Kazakhs 2.4%, Karakalpaks 2.2% and Tatars 0.5% as of 2021. There is some controversy about the percentage of the Tajik population. While official state numbers from Uzbekistan put the number around 5%, the number is said to be an understatement and some Western scholars put the number up to 10%–20%. Uzbekistan has