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Turkmenistan to establish national body to boost int'l trade

Economy Materials 9 September 2024 12:50 (UTC +04:00)
Aman Bakiyev
Aman Bakiyev
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ASHGABAT, Turkmenistan, September 9. Turkmenistan is exploring the establishment of a national trade facilitation body to enhance international trade efficiency, Trend reports via the official media source following the round table in Ashgabat at the steering committee meeting of the regional "Trade Facilitation in Central Asia" (TFCA) project.

The Ministry of Trade and Foreign Economic Relations of Turkmenistan, in collaboration with the regional German Society for International Cooperation (GIZ), organized a round table featuring representatives from the Turkmen Maritime and River Lines Agency (Turkmendenizderyaollary).

The discussions focused on leveraging international best practices for setting up national trade facilitation committees in Central Asia, with a particular emphasis on developing such a committee in Turkmenistan.

Participants reviewed the ongoing TFCA project in Turkmenistan, highlighting the importance of trade facilitation measures in reducing time costs and optimizing state regulation of foreign trade.

These measures are expected to enhance international competitiveness and boost the economic efficiency of the private sector by lowering costs for trading companies.

The "Trade Facilitation in Central Asia" project, implemented by the German Society for International Cooperation, addresses key issues hindering regional trade, such as high costs, limited transport links, and complex procedures. By providing digitalization training to state institutions and aligning trade processes with international standards, the project enhances competitiveness and efficiency. It also supports the development of alternative trade routes and improves logistics and transport operations. Despite ongoing reforms, challenges remain in coordinating digital solutions and optimizing trade logistics across the region.

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