Azerbaijan is continuing negotiations with the WTO
Azerbaijani government gradually preparing to join the World Trade Organization. In early December, between it and the WTO Secretariat will be the 10th round of talks.
Already submitted its responses to the requests the U.S., EU, Taiwan and Saudi Arabia. The secretariat will consider proposals on tariffs for goods and services on the basis of recommendations made earlier by a number of Western countries.
One of the most pressing issues is the development of local agriculture and processing industry in this economy. The Azerbaijani government has prepared and submitted to the WTO updated table ACC / 4 on Agriculture.
Application for membership in the WTO is filed in 1997. Ten years later signed a bilateral protocol with Turkey on completion of negotiations on accession to the WTO in May 2008 - with Oman and the UAE in May 2010 - with Georgia in 2012 - with Kyrgyzstan. A similar protocol is to be signed with Moldova. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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