High-Level Forum on the CAREC Region and the Multilateral Trading System: Deepening Integration in Central Asia and Beyond

The World Trade Organization's (WTO) recent high-level forum on the CAREC region and the multilateral trading system brought together representatives from Central Asia and beyond to share experiences and insights on the benefits of WTO accession and membership. The event highlighted the significant economic reforms and growth achieved by countries such as Georgia and Kazakhstan, which have undergone substantial changes since joining the WTO.

Key Takeaways:

• The CAREC region can play a meaningful role in shaping a more inclusive and effective WTO by bringing fresh perspectives, reform-minded practices, and a strong commitment to rules-based integration.
• WTO accessions are a force for change in the region, driving extensive reforms to modernize institutions, enhance the business environment, and attract foreign direct investment.
• Countries such as Georgia and Kazakhstan have achieved impressive economic growth since joining the WTO, with Georgia's real GDP growth averaging 5.6% per year from 2003 to 2023, and Kazakhstan's GDP growing by 34% over the past decade.
• The accession process has led to the implementation of significant institutional reforms, including the alignment of national legislation with WTO rules in areas such as technical regulation, protection of intellectual property rights, and sanitary and phytosanitary measures.
• Regional integration in the CAREC region and multilateral integration through WTO accession and membership are recognized as mutually reinforcing processes.
• The value of collaboration with development partners such as the Asian Development Bank was emphasized, with a recent study by IMF and WTO economists finding that economies implementing reforms during accession negotiations grew an average of 1.5 percentage points faster.

Statistics:

• Georgia's real GDP growth averaged 5.6% per year from 2003 to 2023.
• Kazakhstan's GDP grew by 34% over the past decade.
• E-commerce in Kazakhstan multiplied 62 times over the past decade.
• Georgia has undergone a remarkable trade and economic transformation since joining the WTO, building a more open, resilient, and competitive economy.
• Georgia's 25-year membership of the WTO stands as a testament to the effectiveness of multilateralism and national reform.

Sources:

• [World Trade Organization]
• [Asian Development Bank]
• [International Monetary Fund]
• [Eurasian Economic Commission]
• [Georgia's Ambassador to the UN Office and Other International Organizations in Geneva]
• [Kazakhstan's Vice Minister of Trade and Integration]