Uzbekistan's accession to the World Trade Organization (WTO) has been a topic of much discussion and debate, but a recent interview with Dr. Lawrence (Rui) Dang, Economist and part-time advisor to the European Union, sheds light on the opportunities and challenges the country may face.
The latest working party meeting held in Geneva in March signaled a step closer to Uzbekistan becoming a member of the WTO.
"The government has set up accession to the WTO as a top priority, especially after 2020," Dr. Dang said.
He highlighted the high level of political willingness from the Uzbek government to speed up the negotiation process.
However, challenges still lie ahead. Deputy Prime Minister Jamshid Khodjayev has indicated that Uzbekistan needs to adjust its domestic laws to adapt to WTO regulations, particularly in the areas of market access for foreign products and intellectual property protection.
"One of the largest barriers is that Uzbekistan needs to submit a future roadmap of how to offer fair treatment to foreign companies," Dr. Dang stated.
Trade relationships are also expected to improve, especially with major trading partners like China and Russia.
"If Uzbekistan joins the WTO family, it will be a big promotion of mutual trade between the major trading partners," said Dr. Dang.
He also noted the potential for increased investment from China, particularly in light of the construction of the new railroad between the two countries.
When asked about the impact on Uzbekistan's domestic market, Dr. Dang acknowledged the complexities.
"There are many state-owned companies, and some receive government subsidies, which goes against WTO regulations. The domestic legal change to be adapted to WTO regulation will be a major challenge but also a good opportunity," he added.
Dr. Dang emphasized the strategic nature of the process and the need for well-prepared plans. "It's like playing chess; you need to be cautious. You need to be very well prepared to make important decisions, especially like joining the WTO."
He also highlighted the advantages that could come with WTO membership, including technology transfers and an easier process for sending professionals for training in major trading partners.
"The future prospects of joining WTO would much likely benefit Uzbekistan's economy and benefit the future development of high-tech sectors in Uzbekistan," Dr. Dang concluded.
The road to WTO accession may be long and fraught with challenges, but as Dr. Dang points out, the potential benefits could be transformative for Uzbekistan, impacting everything from trade relations to job creation for the younger generation.
While caution is required, the prospect of WTO membership offers a tantalizing glimpse into a future of economic stability and growth for Uzbekistan, a future that may well be worth the complex journey that lies ahead.
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