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Obtaining observer status in the WTO will open wide prospects for Turkmenistan in the modernization of the national economy

Obtaining observer status in the WTO will open wide prospects for Turkmenistan in the modernization of the national economy

Our country's participation in the world trade organization (WTO) as an observer will open up broad prospects for further modernization of the national economy. This was discussed at A government meeting held in the format of a videoconference.

Deputy Prime Minister and Minister of foreign Affairs Rashid Meredov, reporting on measures to expand Turkmenistan's cooperation with the WTO, noted that the world trade organization is the only global structure that coordinates trade relations between countries of the world, draws up relevant international norms and implements them. Currently, 164 States are members of the WTO and 24 countries have observer status.

In this regard, it was noted that the relevant Government Commission was established by the decree of the head of state on July 15, 2019 to study issues related to the conclusion of cooperation with the world trade organization to a qualitatively new level. 

The WTO observer status will provide an opportunity for Turkmenistan to participate in official events, major meetings and forums of the WTO, to intensify bilateral contacts at the level of specialized specialists and through the exchange of delegations, as well as to put forward national initiatives for the development of regional and international trade within this authoritative organization. However, a new impetus will be given to partnerships with major international organizations such as the European Union, UNECE, ESCAP, the world Bank and the Asian Development Bank.

Based on the above, based on the legislation of Turkmenistan and international experience, it is proposed to conduct appropriate work for our country to obtain observer status in the WTO.

The President of Turkmenistan stressed that in modern conditions, consistent integration of Turkmenistan into the world trade and economic system is an important factor in the development of market relations, increasing and diversifying the country's export potential, and increasing its investment attractiveness. Thus, the steps taken to bring interaction with the WTO to a new level and obtain observer status in this organization will give Turkmenistan the opportunity not only to actively participate in global processes, but also to successfully implement its competitive advantages.

"This will help strengthen the country's position and authority in the international arena, expand the range of mutually beneficial cooperation with foreign partners," the head of state said, instructing the Deputy Prime Minister to continue working to solve these tasks, the state news Agency of Turkmenistan reports.

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