A three-day 10th annual conference of the Partnership Programme in Customs Academic Research and Development (PICARD) the World Customs Organization started in Baku.
The event was opened by Deputy Prime Minister Abid Sharifov, the Secretary General of the World Customs Organization Kunio Mikuriya, and the Chairman of the State Customs Committee Aydin Aliyev.
The Nobel Prize-winning Professor at Harvard University (USA), Eric Maskin spoke on Why Global Markets Failed to Reduce Inequality in the Developing World. The following presentation was made by the Director General of the International Centre for Tax and Development Mick Moore (UK) on International Cooperation: Comparative Characteristics of Trade and Taxes.
The agenda includes plenary sessions Factors Stimulating Customs Officers and Global Supply Chains. Tomorrow is planned report by the Nobel Prize winner, Professor at Arizona State University (USA) Edward K. Presсott. On the final day there will be a keynote address by Nobel Laureate, Professor, University of California Finn Kydland.
On September 11 Baku will host the official opening ceremony of the Regional Office of the International Network of Customs Universities (INCU). --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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