Meeting of EU-Azerbaijan Subcommittee on Trade, Economics and Legal Affairs to take place in Baku

Business Materials 16 June 2009 20:37 (UTC +04:00)

Azerbaijan, Baku, June 16/ Trend , I.Khalilova /

A meeting of the European Union Subcommittee on Trade, Economics and Legal Affairs will take place on 27 June in Baku, the EU representation in Azerbaijan said on June 16.

"The meeting will focus on the issues related to the investment climate in Azerbaijan, the process of joining the World Trade Organization, as well as general macroeconomic issues," the same source said.

Today the trade relations with the EU are largely based on oil trade, which makes up around 60 percent of total turnover. With regards to the exports of non-oil sector products, there are big problems in the field of standards, since most of non-oil products, including agriculture, does not conform to the EU standards, and work is realized in this regard. Due to it, the country adopted a Law on Technical Regulation and Standards.

Currently the co-operation between Azerbaijan and EU is realized within European Neighborhood Policy (ENP), budget of which for the country for 2007-2010, totals €92mln.

ENP's priority plan of action in Azerbaijan includes strengthening of democracy in the country, improvement of business and investment climate, support to ongoing economic development, adjusting the economic legislation and management practices, enhance the cooperation between the EU and Azerbaijan in the energy and transport spheres, regional cooperation, and cooperation in border governance system and etc.

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