Ashgabat, Turkmenistan, Aug. 13
By Huseyn Hasanov – Trend:
Minister of Finance and Economy of Turkmenistan Batyr Bazarov met with Director of the World Trade Organization (WTO) Accessions Division Maika Oshikawa, Trend reports citing Turkmenistan Today, the state news agency of the country.
For seven years, in cooperation with international structures, Turkmenistan has been implementing a set of measures to improve legislation and simplify trade procedures with a focus on WTO mechanisms, the report said.
A government commission has also been created for this purpose.
The most favored nation treatment will be applied by all members of this international organization and generally accepted economic benefits will be provided to any state after its admission to the WTO.
Furthermore, the accession to WTO shall facilitate the development of those areas in which Turkmenistan is the most competitive in world markets. In particular, these are hydrocarbon resources, which are now estimated at 71.21 billion tons of oil equivalent.
At the same time, Turkmenistan's energy strategy is not limited to oil and gas exports. The construction of new gas and oil processing production facilities is the priority component of the energy strategy.
The revenues generated by the fuel and energy sector are directed to the implementation of priority national projects, primarily related to the diversification of the economy and the development of the social sphere.