Turkmenistan is set to play a stronger role in global trade with the signing of an agreement by the European Union (EU) and the International Trade Centre (ITC) on 25 October on the sidelines of the Global Gateway Forum, ITC reports.
The agreement marks the launch of a project – to be implemented by ITC and funded by the EU – to support the Government of Turkmenistan in acceding to the World Trade Organization and in becoming a member of the multilateral trading system. The project will support Turkmenistan’s efforts to promote economic development and decent work in the country by improving the national business climate and the competitiveness of its small and medium-sized enterprises (SMEs).
Deputy Director General for international Partnerships Myriam Ferran and ITC Executive Director Pamela Coke-Hamilton signed the agreement of €6 million under the bilateral Cooperation Facility (€11 million for 2021-2024), in the presence of the Turkmenistan Minister of Finance and Economy, Serdar Jorayev.
The agreement places a particular focus on supporting women-led businesses to integrate into regional and global value chains and more broadly, promoting a gender-inclusive environment by supporting women policymakers.
This agreement will also initiate trade facilitation reforms, increasing the country’s investment attractiveness and creating a conducive e-commerce environment. It will promote Turkmenistan’s international economic engagement and participation in regional and global trade.
Strengthening cooperation
European Commissioner for International Partnerships Jutta Urpilianen said: ‘Sustainable connections are key for the Central Asian countries. Through Global Gateway, the EU is supporting Turkmenistan’s integration into global trade. This is how we contribute to economic development and decent work in Turkmenistan, creating new opportunities for its people, youth and businesses and reinforcing multilateralism.’
ITC Executive Director Pamela Coke-Hamilton said: ‘We’ve been working closely with Turkmenistan and the EU for years, with the common goal of achieving economic growth and sustainable development through trade. We’ll continue to support Turkmenistan by providing access to timely trade data and support in key areas, such as accession negotiations, trade and investment facilitation, and value chain development.’
ITC through its EU-funded Ready4Trade Central Asia project has been offering comprehensive support to Turkmenistan since 2020, including assisting on the initial stages of the WTO accession process, enhancing cross-border regulatory transparency, empowering Turkmen businesses in particular women entrepreneurs to meet trade formalities and standards, as well as facilitating the entry of Turkmen artisans into online markets. ///ITC, 26 October 2023
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