Azerbaijan eyes doubling preferential trade area

By Azernews

By Ayya Lmahamad

Azerbaijan is eyeing expanding the preferential trade area with major partner countries, Azernews reports, citing State Customs officer Fuad Mammadov.

Azerbaijan enjoys preferential trade agreements with 10 countries, particularly with Russia, Georgia, Ukraine, Kazakhstan, Turkmenistan, and others, Mammadov said, adding that the country's preferential trade is expected to double reaching 20 countries.

He added that the relevant negotiations are currently underway with the governments of the states.

"Moreover, the country intends to expand not only the number of countries but also the range of imported goods for preferential trade development," he added.

To recap, a preferential trade area is a trading bloc that gives preferential access to certain products from the participating countries. This is done by reducing tariffs but not by abolishing them completely, and it is the first stage of economic integration.