Toshpulatova Malika Ulugbek qizi,
PhD student, Institute Macroeconomic and Regional Studies
Email: [email protected]
Abstract. In recent years, our country has made economic development an important priority, improving the country’s economic system and situation, and expanding competitive open markets. To achieve these goals, international cooperation and further development of foreign economic relations are important for our country. This paper explores the appropriate sequencing of Uzbekistan’s accession to the World Trade Organization (WTO) and the implementation of the Eurasian Economic Union (EAEU) in its strategies for global and regional integration. We investigate four primary scenarios: accession to the WTO without entering the EAEU, becoming a member of the EAEU without joining the WTO, initial accession to the WTO followed by EAEU membership, and initial entry into the EAEU followed by WTO accession. This study is analyzed based on the experience of the Republic of Kazakhstan, which is a member of the WTO. The study analyzed the decomposition of gross domestic product, terms of trade, well-being, regional household incomes, and changes in the volume of production across Uzbekistan. The findings imply that for Uzbekistan the best scenario is joining WTO followed by EAEU as it offers higher trade liberalization and brings more substantial positive outcomes.
Keywords: Uzbekistan, WTO, EAEU, GTAP CGE model, trade integration