Azerbaijan must modernize customs legislation

Business Materials 8 July 2010 15:13 (UTC +04:00)

Azerbaijan, Baku, July 8 / Trend N. Ismayilova /

The Azerbaijani State Customs Committee must speed up processes to bring customs legislation in line with modern requirements, the U.N. Special Program for the Economies of Central Asia (SPECA) reported today in an assessment on trade and human development in Baku.

"Accelerating the adoption of a new customs code and operating mechanism will strengthen and develop the legal framework of trade relations," the report said.

The report added that a new customs code has been prepared to bring legislation in line with EU requirements and international norms and standards, including the WTO's customs estimates.

The report also gives recommendations on making the transition from multi-system, import customs duties to a mini-graded system. A list of tariff rates on imported products should also be adopted in the near future, the reported stressed.

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.