Uzbekistan cannot afford to solely rely on its domestic market to achieve economic growth, said International Monetary Fund (IMF) managing director Kristalina Georgieva during a speech given at the Central Asian country’s central bank on June 6.

The speech was delivered during an event featuring an informal dialogue dedicated to the economic prospects of Uzbekistan and the wider region.

When asked by the event moderator about criticism surrounding Uzbekistan's planned accession into the World Trade Organisation (WTO), Georgieva recommended that the Uzbek negotiating team study the interests of their country more deeply. Uzbekistan, she stressed, has opportunities to agree conditions for joining the organisation and defend its standpoints.

"In negotiations with the current WTO members, the IMF will provide assistance to [Uzbekistan]. We are committed to supporting Uzbekistan for a deeper understanding of its own position and some issues that need protection," Georgieva said.

WTO accession carries both benefits and costs, Georgieva pointed out, adding that it was necessary to explain to society how the positive aspects outweigh the negative ones. She advised holding a public discussion within the framework of the WTO accession campaign.

Returning to the theme of how the domestic market alone is not enough for growth, she said: "Let's say that you [Uzbekistan] have an income of $4,000 per capita. There are countries that have many times more in income. Don't you want to sell your goods there? Will you be able to grow if you don't trade?"

As bne IntelliNews reported previously, June 6 also saw President Shavkat Mirziyoyev approve new measures aimed at accelerating the country’s WTO accession. Starting from July 1, the development of draft regulatory legal acts that do not comply with WTO rules and regulations will be prohibited.