Azerbaijan, Baku, Oct.15 / Trend I. Khalilova /
Growth rates of Azerbaijan's foreign trade turnover in 2011 is forecasted at 3.5 percent, and in the next three years growth will hit 7.8 percent on average, the Economic Development Minister Shahin Mustafayev said today.
"The 7-percent growth in non-oil export is expected in 2011, and 16.3 percent on average in the next three years," Mustafayev said.
Foreign trade balance will increase by 36 percent compared to 2011 and hit $19 billion in 2014.
"The dynamic growth of the non-oil GDP has a positive impact on increase of non-oil export," the minister said. "GDP growth in the non-oil sector will make up 7.2 percent next year and 8 percent on average per year in 2012-2014," he added.
During January-August 2010 Azerbaijan's non-oil export increased by 58 percent compared to the same period of last year.
At present, roughly 40 percent of Azerbaijan's foreign trade turnover fall on the European Union countries, and Azerbaijan has a black ink in the foreign trade turnover with the EU. Mainly oil products predominate in the export of goods, but there are great opportunities for non-oil products supply to European countries. Today the government's main task is to assist entrepreneurs in exporting goods to the EU on preferential terms and along with increasing export of the Azerbaijani goods, increasing non-oil products export by using the GSP + preferences system.
Azerbaijan has access to the EU GSP + preferences system since January 2009. This will allow the country to export to the European market up to 7.200 items of goods on confessional terms, which will increase the export potential of the country and is of great importance for structural diversification.