WTO Membership Could Add US$25 Billion to Uzbekistan GDP

Tashkent, Uzbekistan (UzDaily.com) —   Uzbekistan’s accession to the World Trade Organization (WTO) could increase the country’s gross domestic product by around 17% and reduce poverty by 1.6 percentage points, according to estimates by World Bank economists cited in the Tahlilnoma program on Uzbekistan’s Oʻzbekiston TV channel.

The analysis suggests that, based on the current size of the economy of approximately US$150 billion, WTO membership could add around US$25 billion to GDP. Per capita income could rise by about US$600.

Chairman of the Uzbekistan Chamber of Commerce and Industry Davron Vakhabov said his attitude toward WTO accession has changed significantly in recent years. He noted that in 2018–2019 many entrepreneurs were concerned about increased foreign competition following market liberalization.

He said that in earlier years Uzbek businesses were primarily focused on the domestic market and raw material exports rather than finished goods. However, economic openness policies and reforms launched in 2017 have reshaped the business environment and attitudes toward international trade.

According to Vakhabov, integration into the global trading system has increasingly been seen as providing more predictable and transparent rules for business. He emphasized that WTO membership ensures uniform international trade standards for both investors and domestic companies.

He cited transformation in the petrochemical sector as an example. While around 20 enterprises used to operate based on feedstock from the Shurtan Gas Chemical Complex in 2017, around 500 business entities are now registered on the commodity exchange.

Vakhabov also noted that the number of exporters in Uzbekistan has grown from 200–300 enterprises to approximately 6,000–7,000 companies. He said WTO membership would significantly expand exports of value-added products, particularly in textiles, agricultural products, metallurgy, and jewelry.

He highlighted that earlier many countries imported mainly raw materials from Uzbekistan while restricting access for finished goods. After WTO accession, he said, member states would be required to follow unified trade rules and provide equal market access conditions.

As an example, he pointed to Uzbekistan’s dyed fabric exports to Vietnam, where a 30% import duty currently applies, while Turkish producers face zero tariffs. He said WTO membership would help Uzbekistan secure similar trade conditions.

Vakhabov also emphasized potential expansion into markets in Africa, Indonesia, and the Middle East. He added that increasing exports of high value-added products would boost production capacity, improve business profitability, and encourage further domestic processing of raw materials.

Entrepreneur Zafer Khashimov described WTO accession as a historic milestone and an important step toward deeper integration into the global economy. He said completing the long accession process would signal to international businesses that Uzbekistan operates under market economy principles and transparent trade rules.

He added that trade liberalization would simplify both exports and imports, reduce transaction costs, and lower production expenses, contributing to more stable consumer prices and higher investment inflows.

Khashimov also said that moving away from a closed economic model toward free trade and fair competition is essential for long-term economic development.

Participants in the program noted that Uzbekistan has developed full production chains in textiles, jewelry, and processing industries in recent years. Jewelry exports reached US$550 million in 2025.

They also emphasized that Uzbekistan has moved from exporting mainly cotton fiber to producing dyed fabrics and finished textile products, while similar value-added strategies are being implemented in the copper industry through deeper processing.

According to participants, WTO accession is expected to become a key driver of export growth, expansion of Uzbek businesses in foreign markets, and increased investor confidence in the country’s economy.