TASHKENT, Uzbekistan, December 7. Uzbekistan's accession to the World Trade Organization (WTO) will ensure economic growth of 0.5 percent, Obid Khakimov, Director of Uzbekistan’s Center for Economic Research and Reforms (CERR) said, Trend reports.
The remark was made during the CERR briefing at the UN headquarters in New York.
During the briefing, Khakimov noted that membership in the organization would reduce trade costs. This will accelerate GDP growth and, consequently, the welfare of the population.
"Specifically, through the liberalization of trade, it is feasible to attain economic growth within the range of 0.4-0.5 percent, and an improvement in welfare at 0.9-1.0 percent," he said.
Khakimov stressed that Uzbekistan continues to work on the liberalization of import duties. In particular, the sphere of technical regulation is being reformed, where adaptation to WTO norms and standards is taking place by reviewing non-tariff trade barriers.
Earlier this year, a representative of the Food and Agriculture Organization of the United Nations, Sherzod Umarov, noted that Uzbekistan may need to review and refine its agricultural practices to avoid any potential trade disputes or challenges in the World Trade Organization (WTO).
The FAO representative stated that there is a need to align these mechanisms with international trade rules and regulations. This involves ensuring that subsidies provided to agricultural producers are transparent, non-discriminatory, and comply with WTO guidelines.
According to the head of the CERR, over the past five years, exports of goods and services have increased from $12.6 to $19.3 billion, while the range of exports saw a twofold growth from 1,500 to 3,000 items.