Turkmenistan intensifying co-op with WTO

A delegation of Turkmenistan held meetings in Geneva with representatives of international organizations and structures specializing in international trade and economic cooperation, Trend reports with reference to the Turkmen Foreign Ministry.

The meetings were organized as part of the continuation of the work to enhance cooperation between Turkmenistan and the World Trade Organization (WTO), the report said.

The negotiations were held with representatives of the WTO, the UN Conference on Trade and Development (UNCTAD), the International Trade Center (technical cooperation agency between the UNCTAD and the WTO) and the United Nations Economic Commission for Europe.

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.

A government commission was also 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.