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Azerbaijani Parliament approves Preferential Trade Agreement between Azerbaijan and Turkey

31 May 2020 12:28 (UTC +04:00)

Today, at the plenary meeting of the Azerbaijani Parliament, the draft law “On approval of the Preferential Trade Agreement between the Government of the Azerbaijan Republic and the Government of the Turkish Republic” has been brought up for discussion, APA reports.

According to the document, the Joint Committee will be established between Azerbaijan and Turkey.

The joint committee will meet at least once per year in order to review the progress obtained in the area of implementation of this agreement. Either of the agreed parties may require the implementation of the extraordinary meeting by notifying another agreed party.

According to provisions of the Agreement, the Joint Committee may fulfill any one of the functions assigned to it. Based on the requirement of one of the agreed parties and approval of another agreed party, the Joint Committee may investigate any other issue affecting the implementation of this agreement. The Joint committee may also give recommendations regarding issues related to this agreement.

The joint committee will determine the procedural rules connected with its activity at its first meeting.

Besides, the joint committee may establish any subcommittees and workgroups if it considers them necessary.

The important provisions regarding both quota and reduction of duty to zero between the two countries for 15 groups of goods have also found their reflection in the agreement.

The agreement will enter into force on the first day of the month coming after receipt by each one of the agreed parties of the last diplomatic notification confirming completion by the parties of all procedures required in the national legislation for entry into force of that agreement.

The agreement has been concluded for the indefinite period. The agreement will remain valid until the statement by an agreed party through diplomatic channels of its intention to terminate the agreement. In such a case, the Agreement will cease to be in force on the first day of the seven months coming after the date of receipt of the termination notification by other agreed parties.

The issue was put to vote and was adopted.