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Turkmenistan strives to obtain observer status at WTO

Business Materials 2 May 2020 12:01 (UTC +04:00)

BAKU, Azerbaijan, May 2

By Jeila Aliyeva - Trend:

Minister of Foreign Affairs of Turkmenistan Rashid Meredov informed President of Turkmenistan Gurbanguly Berdimuhamedov about the measures taken by the country to expand cooperation with the World Trade Organization at the government meeting held on May 1, 2020, Trend reports with reference to Zolotoy Vek (Golden Age) newspaper.

Receiving an observer status is one of the main goals of Turkmenistan's cooperation with WTO, which will open up new prospects for further modernization of the country's economy, said the report.

The president highlighted that Turkmenistan’s sequential integration into the world’s trade and economic system will increase and diversify the country's export potential, as well as expand investments into the country.

Observer status will also allow Turkmenistan to participate in WTO’s official events, major meetings and forums and develop the country's regional and international trade within the framework of this organization.

Government Commission was established in Turkmenistan on July 15, 2019 to establish close relations with WTO.

According to the report, a new impetus will be given to the partnerships with major international organizations such as the EU, United Nations Economic Commission for Europe (UNECE), Economic and Social Commission for Asia and the Pacific (ESCAP), the World Bank and the Asian Development Bank.

During the meeting, the importance of cooperation WTO was stressed. It was noted that the World Trade Organization is the only global structure that coordinates trade relations between countries of the world, draws up relevant international norms and implements them.

Currently, 164 States are members of the WTO, 24 of which have observer status.

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