Azerbaijan Start Talks with China for WTO Accession

China and Azerbaijan held their first round of bilateral market access negotiations in Baku from Monday to Tuesday as part of Azerbaijan's efforts to join the World trade Organization (WTO), according to China's Ministry of Commerce on Wednesday, The Caspian Post reports citing foreign media.

The two sides engaged in in-depth discussions on trade in goods and services, reaching some consensus. Both parties agreed to accelerate subsequent negotiations and support Azerbaijan's early entry into the WTO, MOFCOM said.

Azerbaijan, which applied for WTO membership in 1997, is currently conducting bilateral market access talks with 21 WTO members, including China, the EU, and the US.

According to a study by the Asian Development Bank, commissioned by Azerbaijan's Ministry of Economy, joining the WTO could result in a 9 percent increase in real GDP and a 30-40 percent rise in tariff revenue - as higher trade volumes compensate for reduced import duties.