Azernews.Az

BAKU – Azerbaijan is holding talks with about ten countries on its admission to the World Trade Organization (WTO), Deputy Foreign Minister Mahmud Mammadguliyev has said.

The countries and parties negotiating with the South Caucasus republic include the United States, Switzerland, Japan and Norway, as well as the European Union.

"Azerbaijan has its position," Mammadguliyev said. "The positions [of the negotiating sides] overlap on some issues and on others they don’t. It is crucial for us with which status Azerbaijan will be admitted to the organization. We have not managed to reach agreement on this issue yet."

The deputy minister said it is important to complete bilateral talks with all countries, otherwise, Azerbaijan’s membership in the WTO is out of the question.

Mammadguliyev could not cite a time frame for the country’s WTO accession but said "this depends on the course of the negotiations."

Roland Kobia, head of the EU delegation to Azerbaijan, said Azerbaijan’s membership was a crucial tool for the country’s economic diversification and would facilitate access of its goods to world markets.

Kobia said further that WTO accession would significantly boost business and help to increase the gross domestic product in Azerbaijan.

"The countries that have acceded to the WTO in the near past, for example, Saudi Arabia, are posting considerable GDP growth. Therefore, I believe WTO membership is in Azerbaijan’s interest. And the European Union is ready to support Azerbaijan in this regard."

The Geneva-based WTO, which was established in 1995, comprises 148 countries. Also, about 30 other countries and several international organizations have an observer status in the organization. WTO accounts for up to 95 percent of world trade.

Azerbaijan applied for WTO membership in 1997. Accession to the group is expected to accelerate economic development, facilitate the opening of jobs and access of domestic goods to overseas markets.