Ministry of Foreign Affairs of Turkmenistan hosted a meeting of a special government commission on the accession of Turkmenistan to the World Trade Organization (WTO) on Wednesday.
During the meeting in Ashgabat, the officials discussed the practical steps of assigning to Turkmenistan the status of observer in the WTO.
The participants said Turkmenistan’s accession to the WTO will most importantly give impetus to the development of its areas of economy, in which the country is competitive in world markets.
In particular, these are hydrocarbon resources, the construction of modern gas and oil refineries. After admission to the WTO, the state is also subject to the privileges by all international organizations, and economic benefits are provided.
Thus, the ongoing work on accession to the WTO is aimed at consolidating the future position of Turkmenistan in the world, to actively participate in global processes and to best use the country’s competitive advantages.
Founded in 1995, the WTO’s main aim is to promote free trade by lowering tariffs and other barriers. It does this through agreements negotiated and signed by most of the world’s trading nations. The organization also regulates the participants' adherence to the WTO agreements.
A special government commission had been created in Turkmenistan in 2019 to study the possibility of country’s accession to the WTO.
The meeting chaired by the Deputy Minister of Foreign Affairs of Turkmenistan was attended by the representatives of relevant ministries and state bodies of the country.