Azerbaijan, Baku, Dec.8 / Trend, A. Akhundov /
Switzerland offers Azerbaijan to reduce customs duties on import of watches within the process of joining the World Trade Organization (WTO), a protocol of the joint Azerbaijan-Switzerland Trade and Economic Cooperation Commission's fifth meeting signed in Baku on Thursday says.
According to the Swiss Watch Industry Association, export of watches from Switzerland in January-October 2011 hit about 19 percent compared to the same period of last year. Export of watches only in October hit 18 percent or 1.9 billion Swiss francs compared to the same month of last year.
In addition, Switzerland offered Azerbaijan to consider opportunity to join the Istanbul Convention to simplify import of watch industry samples by Azerbaijan.
"Switzerland supports Azerbaijan's WTO membership, and stresses that it will strengthen Azerbaijani economy's integration into the world economy," the protocol says.
An agreement was also reached on establishing and developing cooperation between the Azerbaijani Export and Investments Promotion Foundation (AZPROMO) and OSEC Business Network Switzerland organization.