Professors and students explore potential gains for Turkmenistan from WTO accession

The lecture aimed to familiarize participants with the WTO accession process and explore the potential benefits and implications of WTO membership. It attracted significant interest, with 47 professors and 245 students from seven universities in the capital participating in this two-day online event.

The lecture, held on 29-30 May 2024, was organized by ITC jointly with the Ministry of Finance and Economy of Turkmenistan. A representative of the European Union Delegation to Turkmenistan opened the event.

‘WTO membership will undoubtedly open new trade opportunities, foster economic development, and enhance the legal and institutional frameworks essential for a thriving economy,’ said Borislav Dimitrov, Programme Manager at the Delegation of the EU in Turkmenistan.

‘Turkmenistan’s journey is not solely about adhering to international standards but about embracing a new era of economic growth and global integration.’

Turkmenistan’s WTO accession process officially started in February 2022 with the establishment of a Working Party. The next steps include submitting the initial accession documentation, specifically the Memorandum on Foreign Trade Regime, followed by the first Working Party meeting to formally commence the negotiating process.

Ensuring that universities are well-acquainted with the process is essential for building institutional knowledge and training future negotiators, policymakers, and administrators who will implement Turkmenistan’s WTO commitments.

Potential benefits

During the lecture, the professors and students learned about the potential benefits of WTO membership, including trade defence measures to protect the country’s private sector against unfair trade practices by other countries; the creation of a more favourable business environment to attract foreign investment and improve productivity; and increased security and predictability for Turkmenistan’s exports to international markets.

Graphs shared during the lecture illustrated that aligning with WTO rules can lead to robust GDP growth, increased exports, and higher inflows of foreign investment, thereby benefitting the economy and the people.

The challenges of WTO membership were also discussed. For instance, countries are often reluctant to relinquish their trade policy autonomy. Furthermore, integrating into the global trading system can result in increased foreign competition for domestic business. 

Members of the Institute of International Relations of the Ministry of Foreign Affairs of Turkmenistan attended the lecture, along with professors and students from several universities:

Yagshygeldi Kakayev International University for the Humanities and Development

International Oil and Gas University

Turkmen State Institute of Economics and Management

Turkmen State Institute of Finance

Institute of Telecommunications and Informatics of Turkmenistan

Turkmen State Institute of Architecture and Construction

Institute of Engineering and Transport Communications of Turkmenistan.

The event was organized as part of the new project, Turkmenistan: Enhancing Trade Resilience and Integration, funded by the European Union and implemented by the ITC. Among its initiatives, the project will strengthen the capacities of policymakers for successful participation in the WTO accession process.