IMF discusses backing Uzbekistan's WTO membership

IMF discusses backing Uzbekistan's WTO membership
Photo credit: Trend

Uzbekistan and the International Monetary Fund (IMF) discussed the country's accession to the World Trade Organization (WTO), Trend reports.

The topic was discussed during a meeting between Laziz Kudratov, Uzbekistan's Minister of Investment, Industry, and Trade, and Yasser Abdih, the head of the IMF delegation.

Both sides discussed the IMF's assistance for Uzbekistan's membership in the WTO, as well as the intensification and successful conclusion of discussions with the organization's members.

The parties also reviewed Uzbekistan's economic reforms aimed at liberalizing the market, enhancing trading conditions, and attracting international investment.

Furthermore, the IMF team acknowledged the country's success in achieving long-term economic growth and increasing the volume of foreign investment attracted to important sectors of the economy. In reply, the Uzbek side highlighted work on the implementation of the country's state investment strategy, including the creation of conducive business circumstances, the protection of investors' rights, and other significant areas.

The IMF representatives underscored the fund's readiness to support Uzbekistan in enhancing the institutional framework for trade regulation and developing an investment climate to ensure effective reform implementation and strategic goal achievement.

Meanwhile, the IMF projects that Uzbekistan’s real gross domestic product (GDP) will amount to 5.2 percent in 2024. Uzbekistan's real GDP rate is predicted to fall by 0.8 percent year over year.

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