The CERR assessed how the economy of Uzbekistan will change upon joining the WTO

The CERR assessed how the economy of Uzbekistan will change upon joining the WTO

According to the CERR estimates, after joining the WTO, it will be possible to expect a reduction in trade costs and, as a result, a significant increase in GDP and welfare of people. This was stated by Obid Khakimov, Director of the Center for Economic Research and Reform (CERR), during a briefing held at the UN headquarters in New York City.

"In particular, with trade liberalization, it is possible to achieve economic growth at the level of 0.4-0.5%, and welfare at 0.9-1.0%," said Obid Khakimov.

The head of CERR noted the importance of continuing the course of the initiated reforms, emphasizing that today, Uzbekistan is working to diversify its trading partners, confirming its commitment to WTO accession.

"I would like to emphasize the ongoing liberalization of import duties, which is very important for improving the welfare of people. Reforms are taking place in the field of technical regulation, where Uzbekistan is adapting to WTO norms and standards, including reviewing non-tariff trade barriers," O.Khakimov said.

Speaking about the results of Uzbekistan's open foreign economic policy, the Director of the CERR spoke about the breakthrough results achieved.

As O.Khakimov noted, the reforms carried out in Uzbekistan have aroused interest and approval in the world. In 2017, the "textile protocol" with the European Union came into force, in 2021. Uzbekistan became a beneficiary country of GSP+, in 2022 the Cotton Campaign lifted the sanctions of Uzbek cotton, which reflects the effectiveness of the large-scale reforms being implemented in all areas.

"Thanks to favorable macroeconomic conditions, in 6 years Uzbekistan's economy has grown from $53 billion to $82 billion in 2022, GDP per capita increased from $1,604 in 2018 to $2,255 in 2022. An open foreign economic policy has allowed to increase the inflow of investments by 3 times - from $3.3 billion in 2017 to $9.8 billion in 2022," said Obid Khakimov, speaking at a briefing at the United Nations.

As a result of the liberalization, the turnover of foreign trade is growing rapidly, increasing export opportunities.

According to estimates, the measures taken made it possible to increase export from $12.6 billion in 2017 to $19.3 billion in 2022. The range of exported products expanded from 1.5 thousand to 3 thousand, geography - from 139 to 164 countries, export of finished products doubled.

At the same time, one of the new priorities of the ongoing reforms has become a vector for the development of closer, mutually beneficial relations and economic ties with the countries of Central Asia. According to calculations, mutual trade between the Central Asian countries increased 2.6 times, from $4.2 billion in 2016 to $11 billion in 2022, and the number of joint ventures increased 5 times.

In conclusion, Khakimov noted that "the transformations carried out indicate commitment to reforms, and the results indicate a high potential for economic development."

The Director of the CERR, Obid Khakimov, spoke at the briefing "Topical issues of the global and regional agenda: Uzbekistan's perspective", which was held on December 4 this year at the UN headquarters in New York.

The briefing was dedicated to the speech and initiatives of the President of Uzbekistan, announced during the 78th session of the UN General Assembly in September.

CERR Public Relations Service

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