BAKU, Azerbaijan, Feb. 5
Trend:
The Cabinet of Ministers has explained the details of the “Decision on Amendments to the “Commodity Nomenclature of Foreign Economic Activity of Azerbaijan, Rates of Import Customs Duties and Rates of Export Customs Duties”, Trend reports on Feb. 5 referring to the Cabinet of Ministers.
The regular work is carried out and concrete steps are being taken in connection with the development and support of non-oil production, import substitution, improvement of the business environment, and attracting foreign investments into the country in accordance with the president’s instructions, said the report.
A joint car production plant of Azermash OJSC and Iran Khodro OJSC (Khazar Automobile Plant of AzKron LLC) opened during the Azerbaijan-Iran Business Forum in the Neftchala Industrial Site with the participation of Azerbaijani President Ilham Aliyev and Iranian President Hassan Rouhani in March 2018.
At the next stage, it is planned to export the cars of this plant to the CIS, the Middle Eastern and African countries.
As part of the abovementioned work, the Cabinet of Ministers adopted this resolution to increase the competitiveness of cars which are produced in the country. For this purpose, the resolution envisages exemption of car parts imported into the country for the complete car assembly process from duties.
During the preparation of the draft, the Constitutional Law of Azerbaijan "On Normative Legal Acts", the Law of Azerbaijan "On Customs Tariffs", and the Decision of the Cabinet of Ministers of Azerbaijan on the approval of the "Commodity Nomenclature of Foreign Economic Activity of Azerbaijan, Rates of Import Customs Duties and Rates of Export Customs Duties" #500 dated November 17, 2017, as well as a number of other legislative acts were thoroughly analyzed.
As expected, this resolution will have a great impact on increasing the competitiveness of cars, which are produced in the country, both in the local and foreign markets and will also create favorable conditions for the creation of new industrial enterprises in this country.