Azerbaijan ratifies Preferential Trade Agreement with Turkey

A bill on approval of the Preferential Trade Agreement between the governments of Azerbaijan and Turkey has been discussed at the plenary meeting of the Azerbaijani Parliament.

Report informs that the Agreement aims to reduce or cancel tariffs on goods, cancel para-tariffs and non-tariff obstacles, extend and promote the trade through harmonic development of the economic relations, create favorable conditions for fair competition, create a safe and predictable environment for sustainable increase of the trade.

According to the document, a Joint Committee was created. The Committee will hold a meeting at least once a year to consider the progress. The Agreement is termless and is valid until one of the sides intends to terminate it via diplomatic channels.