The International Trade Centre (ITC) and the European Union (EU) have signed an agreement to launch a project aimed at supporting the Government of Turkmenistan in its accession to the World Trade Organization (WTO) and becoming a member of the multilateral trading system, Delegation of the European Union to Turkmenistan reported on Thursday.
The signing ceremony took place in the presence of the Turkmenistan Minister of Finance and Economy, Serdar Jorayev, highlighting the collaboration and support of the Turkmenistan government in this endeavour.
The agreement, signed by General Deputy Director for International Partnerships Myriam Ferran and ITC Executive Director Pamela Coke-Hamilton, commits €6 million under the bilateral Cooperation Facility. This funding is part of a larger allocation of €11 million for 2021-2024.
The project, funded by the EU, aims to assist Turkmenistan in promoting economic development and decent work by enhancing the national business climate and the competitiveness of small and medium-sized enterprises (SMEs)
The EU-funded project has set its objective on advancing Turkmenistan's economic development and bolstering the competitiveness of its small and medium-sized enterprises (SMEs). The primary objective is to enhance Turkmenistan's integration into the global trading system, promote the economic development of Turkmenistan and increase the competitiveness of small and medium-sized enterprises (SMEs).
Through targeted interventions, the project will focus on improving the business climate in Turkmenistan, ensuring a level playing field for domestic and international businesses, and promoting the growth and competitiveness of SMEs.