UZBEKISTAN'S WTO ACCESSION: A BOOST FOR ECONOMIC GROWTH AND IP PROTECTION
8 Feb 2024
Uzbekistan
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Uzbekistan's recent accession to the World Trade Organization (WTO), marks a significant milestone poised to elevate the country's Gross Domestic Product (GDP) and enhance the well-being of its population. This strategic move is expected to establish a solid foundation for fostering economic ties, increasing trade turnover, and enhancing external competitiveness, while facilitating the integration of market mechanisms.
The WTO membership not only ensures full participation in shaping international trade rules but also positively influences intellectual property (IP) in Uzbekistan. The advantages include stimulating innovation, attracting foreign investment, expanding sales markets, and enhancing national legislation. IP protection encourages innovation by assuring creators that their efforts will be safeguarded, making the country more attractive to foreign investment. Access to international markets through the WTO reduces trade barriers, allowing companies to more easily sell their intellectual products and services abroad. Furthermore, WTO membership necessitates aligning national legislation with international standards, contributing to the improvement of the national IP protection system.