Decrease in import, export duties to revive Azerbaijan’s market of non-oil products
BAKU, Azerbaijan, Dec. 27
The changes in import and export duties contribute to the revival in the Azerbaijani market of non-oil products, head of the department of the Azerbaijani Center for Analysis of Economic Reforms and Communication Nijat Hajizade told Trend.
“The changes made by the Cabinet of Ministers in the “Commodity Nomenclature of Foreign Economic Activity, Rates of Import and Export Customs Duties” contribute to an increase in production, healthy competition in domestic market among local manufacturers, as well as competitiveness of domestic products in foreign markets,” the head of the department said.
“The non-oil industry has been recently developing rapidly,” Hajizade said. “In an interview with local journalists, Azerbaijani President Ilham Aliyev emphasized the growth of domestic consumption as a reason hampering the growth of export. Of course, this is connected with an increase in purchasing power of the population and its employment. But the country needs foreign exchange revenues from the non-oil sector.”
“Foreign currency is one of the main components of macroeconomic stability,” the head of the department said. “From this point of view, a decrease in import duties from 15 percent to 0 percent contributes to an increase in production volumes of 500 enterprises using the imported raw materials, which will obviously affect export growth.”
“A decrease in export duty from 5 percent to 0 percent will create additional opportunities for enterprises that have recently started the production,” Hajizade added.