Azerbaijani National Economy Not Ready to Enter WTO: Expert
Azerbaijan, Baku / corr Trend U.Ismayilova / Gubad Ibadoglu, Head of the Economic Research Centre, stated that the Azerbaijani national economy is not ready to enter the World Trade Organization (WTO).
Azerbaijan's entrance to the WTO will entail many positive and negative impacts depending on the competitive capacity of any field of economy. The positive impacts will occur in prices of consumer goods and the upgrading in product quality in connection with the transition to international standards.
"The customs procedures will be improved and incidents of corruption will decrease," Mr. Ibadoglu added.
Regarding negative impacts, the country's sectors with not be capable of high competitiveness and will therefore strongly suffer.
The fields in which Azerbaijan could compete include agrarian and financial sectors, particularly banking and insurance. But public budget revenues will be reduced," Mr. Ibadoglu said.
The WTO, which was founded in 1995, unites 148 countries, as well as thirty observer members-countries, including Azerbaijan since 1997.