WTO admission to drive non-oil sector growth: analysts
Azerbaijan will significantly benefit from its
admission to the World Trade Organization (WTO), Turkish analysts
have concluded after weighing the gains and losses involved.
The growth rate in the rapidly developing Azerbaijani non-oil sector is expected to rise somewhat after the country becomes a WTO member. Admission to the group will primarily boost industrial production in Azerbaijan, experts from Turkey`s Bilkand University predict.
Seljuk Janer, a researcher at the University, says that whereas the non-oil sector`s share in Azerbaijan`s Gross Domestic Product (GDP) was previously forecast to rise by 5 to 10 per cent, the figure will increase several times after WTO admission. Research has revealed that WTO membership, along with driving the development of trade, will affect prices for consumer goods, subsequently leading to a many-fold increase in investments in the country`s non-oil sector. The amount of import and export transactions involving agricultural and industrial goods will increase as well, researchers say.
Azerbaijan has been holding talks on WTO admission for more than 10 years.
The growth rate in the rapidly developing Azerbaijani non-oil sector is expected to rise somewhat after the country becomes a WTO member. Admission to the group will primarily boost industrial production in Azerbaijan, experts from Turkey`s Bilkand University predict.
Seljuk Janer, a researcher at the University, says that whereas the non-oil sector`s share in Azerbaijan`s Gross Domestic Product (GDP) was previously forecast to rise by 5 to 10 per cent, the figure will increase several times after WTO admission. Research has revealed that WTO membership, along with driving the development of trade, will affect prices for consumer goods, subsequently leading to a many-fold increase in investments in the country`s non-oil sector. The amount of import and export transactions involving agricultural and industrial goods will increase as well, researchers say.
Azerbaijan has been holding talks on WTO admission for more than 10 years.
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