Uzbekistan prepares to join WTO
Uzbekistan may join the World Trade Organization. The country’s officials are taking measures to make the accession to the WTO possible. Uzbekistan currently has an observer status to the WTO, which has 164 members. Uzbek lawmakers are building the necessary legal framework and developing trade laws and procedures according to international best practices. This will include adoption of an investment code. Economist Bakhtiyor Islamov believes that the WTO membership will have many benefits for the Uzbek economy. He is sure large enterprises, small and medium-sized businesses of Uzbekistan will be able to compete in the global market. In addition, the recent meeting of the leaders of the Central Asian countries will open new horizons for cooperation in the region, says the expert.
BAKHTIYOR ISLAMOV, DOCTOR OF ECONOMICS:
- We have been one of the WTO observers all these years. Now we are taking specific steps to join the organization. We weighed the pros and cons of the membership; we did not make a rash decision. However, in order to build a competitive economy, we need to take measures to join the global economy which helps bring foreign investment, boost the development of modern production and build exports of domestic goods.