Uzbekistan’s accession to the WTO will lead to an increase in GDP and well-being of the population – head of CERR

Director of the Center for Economic Research and Reforms Obid Khakimov at a briefing on December 4 in New York (USA) spoke about assessments of foreign trade liberalization and the impact of Uzbekistan’s accession to the World Trade Organization, the correspondent “Gazeta.uz” reports.

According to him, after joining the WTO, one can expect a reduction in trade costs and, as a result, a significant increase in GDP and the well-being of the population (real income).

“In particular, subject to trade liberalization, it is possible to achieve economic growth [additionally] up to 0.4–0.5%, and welfare up to 0.9–1.0%”, – said Obid Khakimov.

The head of the center 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 joining the WTO.”

“I would especially note the ongoing liberalization of import duties, which is very important for improving the well-being of the population. Reforms are taking place in the field of technical regulation, where Uzbekistan is adapting to WTO norms and standards, including revising non-tariff trade barriers”, – Khakimov said.

The head of CERR recalled that in 2017 the “textile protocol” with the European Union came into force, in 2021 Uzbekistan became a GSP+ beneficiary country, and in 2022 the Cotton Campaign organization lifted the boycott of Uzbek cotton, which “reflects the effectiveness of the ongoing large-scale reforms in all spheres.”

In six years, the economy of Uzbekistan has grown from $53 billion to $82 billion in 2022, and GDP per capita has grown from $1,604 in 2018 to $2,255 in 2022. The influx of investment has tripled, from $3.3 billion to $9.8 billion over the past five years.

Liberalization of foreign trade made it possible to increase exports from $12.6 billion to $19.3 billion in five years. The range of exported products expanded from 1500 to 3000, geography – from 139 to 164 countries, exports of finished products doubled.

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