On April 14, Uzbekistan’s President Shavkat Mirziyoyev reviewed progress on the nation’s ongoing efforts to join the World Trade Organization (WTO), a move that is seen as crucial for expanding the country’s international trade relations. According to the presidential press service, Mirziyoyev stressed the economic importance of accession to the WTO, stating that membership is essential for doubling the export of finished products over the next three years.
Mirziyoyev outlined the benefits of joining the WTO, which includes engaging in fair trade with 164 member countries and securing stable markets for Uzbek products. The ambition to enhance the export capacity of the nation underscores a strategic pivot towards integrating more deeply into the global economy.
Uzbekistan formally restarted its WTO accession process in 2019 and has since made significant strides, engaging in bilateral negotiations with over 50 member countries. The most recent, the sixth meeting of the working group on Uzbekistan’s accession, was held in March of this year. During this meeting, issues raised by other WTO member states were discussed, highlighting the need for Uzbekistan to align its national legislation with WTO agreements and international standards.
The Uzbek government has been instructed to harmonize procedures and standards and to engage foreign consultants to aid in the accession process. Additionally, the creation of dedicated working groups and enhanced coordination among all ministries and embassies have been emphasized to ensure effective and systematic progress toward meeting WTO criteria.
Implications for the Economy and Industries
WTO membership is likely to open numerous doors for Uzbekistan, particularly in terms of export opportunities. By adhering to internationally recognized trade rules and standards, Uzbekistan aims to make its export industries more competitive on the global stage. This is particularly relevant for sectors like textiles and manufacturing, which stand to gain from reduced trade barriers and improved market access.
For businesses within Uzbekistan, especially in the manufacturing and export-oriented sectors, the move towards WTO membership signals a need to elevate standards and embrace international best practices. This transition will not only help Uzbek companies expand their reach but also attract foreign investment, driven by the improved business environment and regulatory clarity that typically accompanies WTO accession.
As Uzbekistan continues its journey towards becoming a WTO member, the global business community and potential investors will be watching closely, anticipating a more open and competitive market emerging in Central Asia.
