Export of Turkmen products: point of growth

Export of Turkmen products: point of growth

Experts of the World Trade Organization, relying on data on higher than expected rates of trade recovery in the second half of last year, are optimistic about the prospects in this segment. According to new estimates from the WTO, the volume of world merchandise trade is expected to increase by 8.0% in 2021 after having fallen 5.3% in 2020, continuing its rebound from the pandemic-induced collapse, and 4.0% in 2022.

Despite the difficulties of the pandemic year and trade divisions between major global players, the international trading system continued to function effectively, preventing further deterioration of the situation. Several factors contributed to its work during the crisis, including the commitments of countries within the framework of WTO membership, accepted international norms and the economic interests of market participants.

According to WTO Director-General Ngozi Okonjo‑Iweala keeping international markets open will be essential for economies and healthcare system.

Turkmenistan, located at the crossroads of trade routes of Eurasia, has always understood the importance of free trade for the development and establishment of partnership relations. And today the country, which received the WTO observer status in July last year, attaches great importance to the development of cooperation, the promotion of Turkmen goods to world markets.

This is the goal of the Programme for the Development of Foreign Economic Activity in Turkmenistan for 2020-2025, in the implementation of which dozens of ministries and the private sector are involved. The WTO observer status contributes to opening new opportunities in strengthening the position of Turkmenistan in the international trade system, in increasing the effectiveness of its trade strategy.

Trade played an important role in ensuring the resilience of the Turkmen economy to external challenges. At a recent meeting with a Turkmen delegation in Moscow, Minister of Foreign Affairs of Russia Sergei Lavrov called it an "excellent result" that trade between the two countries grew by almost 40%.

Opening of a trading house of Turkmenistan in Kazan (Republic of Tatarstan, RF) will make it possible to use the existing potential of bilateral trade. Its activities will be aimed at promoting the products of Turkmen enterprises in the Russian market, expanding the export opportunities of the national economy.

Currently, Turkmenistan and Kazakhstan are working on opening Trading Houses to promote products and conclude contracts between entrepreneurs of the two countries. The parties believe that trading houses will increase trade turnover, build up business ties between the business circles of the two states.

Given the role of small and medium-sized businesses in increasing production of import-substituting and export-oriented products, the President of Turkmenistan supports private sector, providing comprehensive assistance in finding new markets and the ways to sell produced competitive goods.

In particular, we are talking about the provision of marketing, legal and advisory assistance to the national private sector in the export of products and consolidation of positions in the world market.

Ogulgozel REJEPOVA

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