Director-General of a major international trade organization, Ngozi Okonjo-Iweala, recently met with the President of Kazakhstan, Kassym-Jomart Tokayev, in Almaty. During her visit, she addressed the second Central Asia Trade Policy Forum, which is part of her tour through Kazakhstan, Uzbekistan, and Azerbaijan. In her meeting with President Tokayev, she discussed Kazakhstan's economic situation and expressed gratitude for the country's strong support of the multilateral trading system and its neighboring countries' ongoing accession negotiations.
At the Trade Policy Forum, organized in collaboration with the Asian Development Bank and the International Trade Centre, Okonjo-Iweala emphasized the region's potential for economic integration through accession and membership. She highlighted how these processes could improve regional and international economic integration, attract foreign investment, and promote economic growth.
The three-day forum gathered representatives from the region, including both acceding governments and current members of the trade organization. Participants explored the opportunities and challenges of accession and post-accession through a regional perspective. Okonjo-Iweala was joined by Kazakhstan's Minister of Economy and the National Bank Chairman, who previously chaired the twelfth Ministerial Conference in Geneva. She commended Kazakhstan for hosting the forum and providing a platform for discussions on systemic issues related to the trade organization.
Okonjo-Iweala also highlighted the significance of the Trans-Caspian International Transport Route, also known as the Middle Corridor, which has the potential to enhance connectivity between Europe and Asia, driving regional economic growth. She noted that trade along this corridor has grown impressively and could triple in volume by 2030 with the right investments in both hard and soft infrastructure, including the implementation of the Trade Facilitation Agreement to streamline customs and transit procedures.
Additionally, she pointed out the importance of digital trade facilitation measures, which could further reduce trade costs and help bring Central Asian economies into the global production networks. Despite challenges, Okonjo-Iweala expressed optimism about the region's momentum towards greater global and regional integration.
She also highlighted the progress made by Uzbekistan, Turkmenistan, and Azerbaijan in their accession negotiations. Uzbekistan has intensified its efforts, Turkmenistan has started its process, and Azerbaijan has reactivated its accession after a six-year break. Okonjo-Iweala expressed excitement about their renewed engagement and significant progress.
The Central Asia Trade Policy Forum continues until June 5, featuring sessions on technical assistance for accession, trade facilitation, and the trade-environment nexus.
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