BAKU, Azerbaijan, July 21
By Fidan Babayeva - Trend:
Azerbaijan has concluded bilateral Free Trade Zone agreements with Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine so far, Head of the Press and Public Relations Department of the State Customs Committee (SCC) Natig Akhundov told Trend.
Akhundov said that Azerbaijan applies agreements on avoidance of double taxation with 10 countries.
“The agreements provide for the non-use in mutual trade between the contracting parties of customs duties, taxes and fees that have an equivalent effect, as well as quantitative restrictions on the import or export of goods passing from the customs territory of one of the contracting parties and intended for the customs territory of the other contracting party. The Free Trade Zone agreements represent a bilateral legal framework for trade on preferential terms,” he said.
The official noted that the application of the agreement on avoidance of double taxation with Turkmenistan, which was signed on November 22, 2018, began on January 1, 2020.
“It is expected that this document will contribute to the intensification of ties between the business structures of the two countries, in particular, in the area of small and medium-sized enterprises (SMEs). Local entrepreneurs are allowed to create joint ventures with foreign partners by attracting their investments,” Akhundov stressed.
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