Israel has officially ratified Uzbekistan's membership in the World Trade Organization (WTO), marking a significant milestone in Uzbekistan's integration into the global trade community. The ratification took place during the World Trade Organization conference held in the United Arab Emirates (UAE).
Minister of Economy Nir Barkat Signs Relevant Document
During the conference, Israel's Minister of Economy, Nir Barkat, signed the necessary document to ratify Uzbekistan's WTO membership. The signing occurred during a meeting between Minister Barkat and Uzbekistan's Deputy Prime Minister, Jamshid Khodjaev, underscoring the diplomatic collaboration between the two nations.
A Gateway to Global Trade Opportunities
Uzbekistan's accession to the WTO signifies a crucial step towards broadening its international trade relations. With WTO membership, Uzbekistan gains access to a network of 164 member countries, paving the way for enhanced trade opportunities on an equal and fair basis.
Notably, WTO membership necessitates the consent of all existing member states. The formal ratification by Israel exemplifies the collective support for Uzbekistan's integration into the WTO and underscores the importance of multilateral cooperation in the global trade arena.
https://twitter.com/EmbassyofUzb/status/1762814909459403202Earlier, it was reported that Uzbekistan's entry into the WTO is anticipated to yield a 0.5% boost in economic growth, as reported by the Center for Economic Research and Reform (CERR). 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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