WTO to consider country’s economic plan for steady growth

The next round of talks on Azerbaijan’s accession to the World Trade Organization (WTO) scheduled for July 21-22 in Geneva is of great interest for WTO member countries.

Director of the Accessions Division at WTO, Chiedu Osakwe announced about this while talking to Trend, further adding that Azerbaijan is an important country in the region with the largest economy, which is extremely attractive for WTO members.

Osakwe noted that during the negotiations the sides will discuss changes occurred in the economy, as well as reforms in the agriculture sphere.

"WTO member-states plan to hold meetings with Azerbaijan, where the country will respond to the questions given at the last meeting in 2015,” Osakwe emphasized. “The participants will be interested in how the government supports the economy amid the low oil prices, whether Baku has strategic plan for economic development in this situation.”

Commenting on the possible terms of Azerbaijan's accession to the WTO, Osakwe said that the process is entirely different, and much depends on the government.

“It is difficult to say how long Azerbaijan's joining the WTO will take. Negotiations started in 2004. For example, negotiations on the membership of Kazakhstan to the WTO took 19 years, China became a member in 15 years, while Russia in 18 years,” he explained.

So far three countries including Russia, Saudi Arabia and Norway have offered to the Azerbaijani government to start bilateral negotiations in the framework of the country’s accession to WTO.

Since regaining its independence, Azerbaijan has constantly been pursuing opportunities to expand its foreign trade. Some was argue that an effort to help may be if Baku becomes a member of the WTO. Azerbaijan began the accession process in 1997 but submitted the required memorandum on its foreign trade regime in 1999.

Experts say joining the WTO, Azerbaijan can increase its integration into the world economy, achieve more liberalization in foreign trade, and simplify customs supervision procedures, among other things. Moreover, the accession will also give Azerbaijan greater access to international financial institutions, something that should by means of careful negotiation boost the country’s economic well-being.

Currently, the country is in the process of holding negotiations with 19 countries.

Azerbaijan has accomplished negotiations and signed protocols with Turkey, Oman, the United Arab Emirates, Georgia and Kyrgyzstan.