Finance

Finance

Azerbaijan’s WTO accession and role of the private sector discussed in Baku

13 November 2009 16:53 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. Azerbaijanâ€™s Ministry of Economic Development and Ministry of Foreign Affairs has today held a roundtable on "Azerbaijan’s WTO Accession and the Private Sector’s Role in This Process."

The event was also attended by representatives of banks, insurance companies, other financial institutions.

Independent expert Richard Self spoke about Azerbaijanâ€™s opportunities for WTO accession.

According to him, Azerbaijan’s entry to the WTO requires the consent of all members of the organization.

Some countries agree with the proposals of Azerbaijan but some do not because these proposals contain elements that are considered sensitive, he said.

He also expressed his attitude to restrictions on foreign equity in the charter capital of banks and insurance firms in Azerbaijan.

According to him, the WTO member countries do not apply such restrictions.

Lifting this restriction will not lead to the disappearance of insurance companies, but rather will bring new products to the insurance market, he added.

Note that Azerbaijan was granted WTO observer status in 1997.