Uzbekistan's entry into the World Trade Organization (WTO) is anticipated to yield a 0.5% boost in economic growth, as reported by the Center for Economic Research and Reform (CERR) to Spot. During a briefing at the UN headquarters in New York, CERR Director Obid Khakimov highlighted that WTO membership would lead to a reduction in trade costs, ultimately accelerating GDP growth and enhancing the well-being of the population.
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Khakimov underscored the ongoing efforts in Uzbekistan to liberalize import duties, particularly in the reform of technical regulation. This involves aligning with WTO norms and standards by revising non-tariff trade barriers. Trade liberalization measures are expected to contribute to economic growth at the range of 0.4-0.5%, with a parallel improvement in welfare at 0.9-1.0%.
Over the past five years, Uzbekistan has witnessed notable progress in its export sector. The export of goods and services surged from $12.6bn to $19.3bn, while the variety of exported goods expanded from 1,500 to 3,000 reaching 164 countries. Additionally, the export of finished products doubled from 2017 to 2022.
Khakimov highlighted a substantial 2.6-fold increase in mutual trade with Central Asian countries, soaring from $4.2bn in 2016 to $11bn in 2022. This growth trajectory reflects Uzbekistan's commitment to regional economic collaboration.
In a previous report by Spot, it was noted that the discontinuation of energy subsidies and the implementation of an emissions tax were forecasted to contribute 5% to the country's GDP. The multifaceted approach to economic reforms positions Uzbekistan on a trajectory of increased trade, enhanced regulatory alignment, and improved economic indicators.
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