“Regulatory approximation of Azerbaijan`s trade-related legislation and procedures with international standards and increased competition as promoted by the WTO would be effective tools to support the potential of Azerbaijan`s trade and of EU-Azerbaijan trade relations,” the statement said. “It is also clear that WTO membership would create a more stable investment environment which is key for diversification of the economy of Azerbaijan and would probably attract EU and international investments in a wide range of sectors of the economy.”
The EU is the main trade partner of Azerbaijan. According to the Azerbaijani State Customs Committee, the share of European countries in Azerbaijan`s foreign trade amounted to 46.8 percent in January-October 2015. Some 30.51 percent and 59.23 percent of Azerbaijani import and export account for the share of the EU countries respectively.
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