ASHGABAT (Xinhua) — Turkmenistan was granted the observer status in the World Trade Organization (WTO) at a meeting of the WTO General Council in Geneva on Wednesday, the press service of the Turkmenistan’s foreign ministry said in a statement.

The acquisition of the status would help Turkmenistan develop its economy, promote multilateral cooperation, attract foreign investment and develop international trade relations, the statement said.

Atageldi Haljanov, permanent representative of Turkmenistan to the UN in Geneva said:

The growing trends of economic globalization in the modern world have set for Turkmenistan the task to actively integrate into the world economy and the system of international economic relations.

Turkmenistan submitted its request for observer status in May 2020, indicating its intent to initiate negotiations for WTO accession within five years.

The WTO now has 164 members. Turkmenistan becomes the 25^th observer of the organization.