Central Asia bordered country, Turkmenistan has been granted Observer status by the World Trade Organization (WTO) General Council. Turkmenistan has become the last former Soviet republic to establish formal ties with the trade body.
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Key-Points
With this, Turkmenistan has become the last former Soviet republic to establish formal ties with WTO. The Central Asian country filed a request for Observer status in May and expressed willingness to trigger the talks on accession to the WTO within five years.
Neighbouring Central Asian countries — Kazakhstan, Kyrgyz Republic, Tajikistan and Afghanistan — have acceded to the WTO, while Uzbekistan has been in on-and-off negotiations on WTO accession since 1994.
World Trade Organization
It is an intergovernmental organization that is concerned with the regulation of international trade between nations.
The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948.
WTO is the largest international economic organization in the world.
