Azerbaijan does not intend to expedite WTO accession, seeks best possible terms - Aliyev
BAKU. Feb 12 (Interfax) - Azerbaijan is seeking the best possible terms for accession to the World Trade Organization, Azerbaijani President Ilham Aliyev said.
"We are still not a member of the WTO, although we have been in an active phase of negotiations for many years - I would say for at least a couple of decades. The reason why this process did not come to its logical conclusion is protectionism, double standards, tariffs - all of these disrupt the core values of the WTO. We see that countries can apply tariffs and use protectionist mechanisms in order to protect their markets, which absolutely contradicts the principles of WTO," he said in an interview with China Global Television Network (CGTN).
Therefore, Azerbaijan is in the process of negotiations, but at the same time it is seriously evaluating the advantages and disadvantages.
"Another [concern] is that our industry and our export potential must be well prepared for that. Because, so far, a main part of our exports is fossil fuel, and for that, we don't need to be member of WTO; you sell your commodities on the market. So, opening the market to all the world members of WTO will increase competition. But at the same time, may damage the interests of local producers. Therefore, we are balancing this process and trying to get maximum conditions, positive conditions, while we will be in the future negotiation process," Aliyev said.
He said Azerbaijan's economy was self-sufficient. "We have one of the lowest rates of foreign debt vis-a-vis GDP. Our hard currency reserves exceed our foreign debt by 14 times. We are not in need of any additional benefits, actually. We don't want to lose what we have. At the same time, we will see if all our proposals with respect to accession - whether on the bilateral track with countries' negotiation process or with the organization in general - if they are met, then I think the process will go more smoothly," he said.
Azerbaijan applied to join the WTO in 1997.
