Turkmenistan Seeks to Get Observer Status in WTO

BUSINESS TURKMENISTAN
Turkmenistan Seeks to Get Observer Status in WTO
The WTO has 164 members and 24 observer governments. (Photo: The Business Times)

Turkmenistan takes measures to expand cooperation with World Trade Organization (WTO).

Deputy Chairman of Cabinet of Ministers, Minister of Foreign Affairs Rashid Meredov on Friday briefed the President of Turkmenistan Gurbanguly Berdimuhamedov on measures to expand Turkmenistan's cooperation with the WTO.

A special government commission had been created in Turkmenistan on July 15, 2019 to study the possibility of country’s accession to the WTO.

Based on the results of its meetings, as well as consultations with representatives of the organization and international experts, it was stated that the country's participation in the WTO as an observer as a first step will create optimal opportunities for modernizing the national economy.

Focusing on the prospects of Turkmenistan’s accession to the WTO, the Head of State emphasized that in modern conditions, the consistent integration of Turkmenistan into the world trade and economic system is an important factor in developing market relations, building up and diversifying the country's export potential, and increasing its investment attractiveness.

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.

The WTO has 164 members and 24 observer governments.