A regular meeting of the Government Commission to study issues related to Turkmenistan's accession to the world trade organization (WTO) was held today at the Ministry of foreign Affairs.
According to the state news Agency of Turkmenistan, the activation of interaction with the WTO is considered in the context of the implementation of the country's foreign economic policy.
The world trade organization, established in 1995 to liberalize international trade and regulate the relations of member States in this area, is responsible for the development and implementation of new trade agreements, as well as monitoring compliance by members of the organization with treaties signed by many countries of the world and ratified by their parliaments.
In order to study issues related to Turkmenistan's accession to this international structure, a special Government Commission was established in July 2019 on behalf of the head of state. As a result of its meetings, as well as consultations with representatives of the above-mentioned organization and international experts, it was stated that our country's participation in the WTO as an observer as a first step will create optimal opportunities for the modernization of the national economy.
In recent years, in cooperation with international structures, Turkmenistan has been implementing a set of measures to improve legislation and simplify trade procedures with a focus on the WTO mechanisms.
During the current session of the Commission, practical steps related to obtaining observer status in the world trade organization were discussed.
The participants stated that joining the world trade organization, first of all, will give an impetus to the development of those areas in which Turkmenistan is competitive on world markets.
In particular, these are hydrocarbon resources and the construction of modern gas and oil refineries. After being admitted to the WTO, the state is also subject to the most-favored-nation treatment by all international organizations, and economic benefits are provided.
Thus, the ongoing work on accession to the WTO is aimed at consolidating Turkmenistan's position in the world in the future, at being able not only to actively participate in global processes, but also to make the best use of its own competitive advantages, which will lead to an increase in the country's status in the international arena, and will facilitate the inflow of loans and investments.