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.
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.