WTO membership to change Azerbaijan’s economy

WTO membership to change Azerbaijan’s economy

Azerbaijan, Baku, Dec.2 / Trend /

Leyla Abdullayeva, Trend analytical centre expert

Having great economic potential, Azerbaijan is considered to be the most developed country in the South Caucasus. However, in contrast to its neighbors, the country is still not a member of the World Trade Organization (WTO), which is explained by a thorough preparation of the country to the process. Protection and promotion of national interests in the international trading system is more valuable for Azerbaijan than only the prestige of membership in this organization.

The regular, X round of multilateral talks on Azerbaijan's membership in the WTO will be held on December 7, the Chief Negotiator, Deputy Foreign Minister Mahmud Mammadguliyev told Trend on Thursday. To date, Canada, the U.S., the EU and Norway have expressed willingness to engage in bilateral talks with Azerbaijan.

Azerbaijan's responsible approach to these talks is due to the country's aspiration to defend its position in the negotiations with the WTO member states and the organization itself. It is particularly important for the country to join the WTO as a developing country in order to receive ten percent benefits for agricultural subsidies. The WTO members want to make clear the level of liberalism and transparency in Azerbaijan's pricing policy, the tax system, the mechanism of agricultural subsidies and to clarify licensing issues. And, most importantly, they are interested in the changes that Azerbaijani government will introduce to the legislation on foreign trade, including the timing of their introduction.

Accession to the WTO has set the task for Azerbaijani economic legislation to meet WTO system rules to avoid any future problems. Currently, given that the oil and gas trade is not regulated by the WTO, and most of Azerbaijan's exports (91 percent) account for oil, gas and petroleum products, any difficulties with exports are not expected. As for imports, the removal of trade barriers will lead to an influx of not the best quality, but low cost imported goods into the country, which will hit the domestic non-oil production. Therefore, Azerbaijan will need an adaptation period to introduce protective mechanisms.

During this period, it will be possible to carry out measures to stimulate local entrepreneurship, improve product quality, and offer balanced concessions to trading partners in access to foreign goods, services and investments in the Azerbaijani market. For Azerbaijan, the WTO membership is dictated by the intention to reverse the current situation in the domestic economy, attract investments and enter the world market with non-primary production.

Subscribe to Trend in Google News! Subscribe
Top Iran diplomat calls for lifting of sanctions, days before Vienna nuclear talks
Top Iran diplomat calls for lifting of sanctions, days before Vienna nuclear talks
Russia hopes Iran, IAEA to reach an agreement
Russia hopes Iran, IAEA to reach an agreement
Iran, IAEA to deal with technical issues of nuclear program
Iran, IAEA to deal with technical issues of nuclear program
Loading Bars
Latest
Results of Sochi summit fully reflect position of Azerbaijan - Russian expert
Awarding ceremony third day held as part of 28th FIG Trampoline Gymnastics World Age Group Competitions in Baku (PHOTOS)
Winners in synchronized trampoline jumping at 28th FIG Trampoline Gymnastics World Age Group Competitions in Baku determined
Baku names winners of World Age Group Competitions in jumping on double mini-trampoline for men
28th FIG Trampoline Gymnastics World Age Group Competitions: Russian gymnast takes first place in tumbling
Baku names winners of World Age Group Competitions in jumping on double mini-trampoline for women
Azercell announces contest on social network
Gymnast from Kazakhstan win gold in acrobatic jumping at 28th FIG Trampoline Gymnastics World Age Group Competitions
Best moments of third day of the World Age Group Competitions in Trampoline Gymnastics and Tumbling in Baku (PHOTOS)
World age group competition in Baku - Russian gymnast wins first place in individual trampoline jumping
Russian gymnast wins gold in individual trampoline jumping in Baku
Turkmenistan boosts imports of electrical goods from Turkey
Turkmenistan agrees to participate in Lapis-Lazuli project
Smoking to be banned in taxis in Georgia
Iran’s Bahar Azadi gold coin price rebounds
11,358 people received COVID-19 vaccine in Kyrgyzstan over past day
Prepared hard for the 28th World Competition in Baku - athlete from Denmark
Finalists in synchronized trampoline jumping among men and women announced at 28th FIG World Age Group Competitions in Baku
Finalists in individual trampoline jumping among men announced at 28th FIG World Age Group Competitions in Baku
Azerbaijan expects mutual steps from Armenia towards achieving peace - FM
Azerbaijani, Turkish FMs meet at Economic Cooperation Council's meeting in Ashgabat
Phone conversation held between Presidents of Azerbaijan and Belarus
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,617 more COVID-19 cases, 1,979 recoveries
ECO Council of FMs supports Azerbaijan's proposal to establish Clean Energy Center (PHOTO)
Buy/sell operations at Iran Mercantile Exchange revealed
Finalists in double mini-trampoline jumping among men announced at 28th FIG World Age Group Competitions in Baku
Finalists in acrobatic jumping among men named at 28th FIG World Age Group Competitions in Baku
Azerbaijani gymnast Seljan Mahsudova reaches finals of World Age Group competition
Kazakhstani Astana- Motors to produce Hyundai cars in Uzbekistan
Iran reveals COVID-19 data for November 27
Finalists in acrobatic jumping among women announced at 28th FIG World Age Group Competitions in Baku
Novavax developing vaccine that targets new COVID-19 variant
Eni sells some stakes to Snam
28th FIG Trampoline Gymnastics World Age Group Competitions underway in Baku (PHOTOS)
Azerbaijan reveals financing of pensions, benefits for 9M2021
Turkish company to organize cotton-textile cluster in Uzbekistan
Finalists in double mini-trampoline among women announced at 28th FIG World Age Group Competitions in Baku
Georgia’s imports from Turkmenistan triple
Coach set goal to enter top three in individual trampoline jumping - Russian gymnast
Uzbek National Bank to issue its bonds on Russian Exchange
33,946 new Covid cases registered in Russia in 24 hours
Georgia to replace damaged buildings – Mayor of Tbilisi
Meeting in Sochi - new step towards sustainable peace in South Caucasus - Turkey's presidential administration
Turkey's cargo traffic via its Gulluk port for 9M2021 revealed
GUAM shares reviews of results of Georgia's presidency
Uzbekistan to sell shares of its two banks to Russian banks
EBRD to support green innovation in Uzbekistan
Turkmenistan's On Dogan to scale up production of vegetables, melons
Turkey shares data on cargo shipment via its ports from Greece for 9M2021
Azerbaijan limits import of poultry products from number of countries
Number of flights from Iran’s Shahid Beheshti International Airport soars
Turkey discloses volume of cargo shipment via its ports from Italy for 9M2021
Iran resumes activity of several enterprises in Sistan and Baluchestan Province
Azerbaijan’s Nakhchivan notes increase in agricultural production for 10M2021
Relations between Baku, Moscow experience highest dev’t stage in history of Azerbaijan's independence – experts
Sri Lanka bans travellers from 6 African nations due to Omicron COVID variant
We feel very comfortable in National Gymnastics Arena in Baku - Israeli athletes
Weekly review of key events in Azerbaijan's ICT sector
Weekly review of main events in Azerbaijan's transport sector
Uzbekistan reveals leading banks without state share in terms of volume of deposits
Number of people hospitalized after Listvyazhnaya mine explosion grows to 58
Weekly review of Azerbaijani precious metals market
Georgia reveals top exported goods to China
Performing at National Gymnastics Arena in Baku is unbelievably cool - Kazakh athlete
Iran’s NICICO records increase in sales
Weekly review of Azerbaijani currency market
Azerbaijan notes growth in total liabilities of banks in 10M2021
Several hydrological points to be installed on rivers in Azerbaijan’s liberated territories – ministry
Iran’s Saipa Company increases auto manufacturing
Georgia releases COVID-19 data for November 27
Uzbekistan names leading state-owned banks in terms of volume of deposits
Georgia, EU to enhance co-op in foreign policy, security
Iran to reconsider guaranteed price for wheat purchase
Iran sees increases in exports
Iran, Afghanistan to improve trade
Third day of 28th FIG Trampoline Gymnastics World Age Group Competition kicks off in Baku (PHOTO)
Turkey shares data on cargo shipment via its ports from Spain for 9M2021
Methane outburst is viewed as likely cause behind deadly blast at Listvyazhnaya coalmine
Turkey shares data on vehicles shipments between its Cesme, Greek Chios ports
Weekly review of Azerbaijan's oil & gas sector
Iran's PBO talks reduced inflation rate
Iranian startups to make their first initial public offering - Farabourse
Iran's solar power plants generate half of renewable energies - SATBA
Iran eyes developing national space industry
Azerbaijan once again achieves its goals at meeting in Russia’s Sochi - experts
Uzbekistan shares updated COVID-19 data
New World Order and India
Iranian currency rates for November 27
Azerbaijani oil prices decrease
Azerbaijan sees decrease in number of users per payment terminal in 10M2021
Iran, France to improve economic ties
Turkey reveals volume of vehicles shipments between its Yalova, Italian Bari ports
Georgia-China trade turnover up
Kazakhstan’s Ekibastuz GRES-2 power station opens tender to buy spares for engine
Pfizer/BioNTech, Moderna expect data on shot's protection against new COVID-19 variant soon
“Armenian clan” guides European institutions (PHOTO)
Iran, Turkmenistan, Kazakhstan sign tripartite MoU on railway cooperation
Turkey bans travel from 5 African countries over new COVID-19 variant
Uzbekistan, Kazakhstan sign an agreement worth about $612 million
All news