Azerbaijan, Baku, July 8 / Trend N. Ismayilova /
Azerbaijan should establish an export and import bank, the U.N. Special Program for the Economies of Central Asia (SPECA) reported today in an assessment on trade and human development in Baku.
"It is necessary to establish a major financial institution - an export and import bank - to provide exporters and importers with financial assistance, namely, lending," the report said, adding that such measures will link the activities of the export and import organizations and promote trade.
The report also gives recommendations for creating a favorable business environment and improving the customs administration.
"It was recommended for the State Customs Committee to introduce auditing after receiving an official status. This will allow all operations to be controlled," the report said.
Azerbaijan's GDP increased by 4.5 percent in January-May 2010 and its volume per capita jumped by 3.1 percent. Trade volume over five months amounted to $10.6 billion. During the reporting period, Azerbaijan engaged in trade relations with 126 countries, with foreign trade surplus hitting $5.8 billion.