In a series of strategic discussions, the World Trade Organization (WTO) Director-General engaged with Azerbaijan's leadership to advance the country’s bid for WTO membership and prepare for the 29th United Nations Climate Change Conference (COP29) in Baku later this year. These discussions underscore Azerbaijan's commitment to enhancing its role in global trade and leveraging its strategic position for economic growth.
Meeting with President Ilham Aliyev and the Minister of Economy, the Director-General emphasized how WTO accession could be a game-changer for Azerbaijan. The dialogue focused on harnessing Azerbaijan's unique geographical advantage at the crossroads of Europe and Asia to become a pivotal player in international trade. Joining the WTO is expected to open new markets for Azerbaijan, providing the country with predictable and favorable trading conditions that could stimulate economic activity across various sectors, particularly green energy, the digital economy, and logistics.
The WTO Director-General praised the efforts of Azerbaijan’s technical team and highlighted the progress made since the resumption of the accession process last year, after a six-year hiatus. The successful accession to the WTO would not only enhance Azerbaijan’s market access but also integrate it more deeply into the global trading system. This integration is crucial for the country as it seeks to expand its economic horizons and attract foreign investments.
At the Azerbaijan State University of Economics, the Director-General delivered a keynote address at the Conference on Azerbaijan’s WTO accession. She noted that membership would position Azerbaijan to benefit from the global trade framework, boosting its ability to attract investments and foster economic resilience. The conference, attended by key figures including the Deputy Minister of Economy, underscored the significant opportunities WTO membership presents for Azerbaijan, from increased export opportunities to enhanced competitiveness in global markets.
As Azerbaijan prepares to host COP29, the Director-General welcomed the country's initiative to include a Trade and Investment Day in the conference agenda. This initiative aligns with the growing recognition of trade as a critical component in addressing climate change challenges. By integrating trade and climate strategies, Azerbaijan is positioning itself to lead discussions on sustainable economic development and climate resilience.
The WTO's collaboration with Azerbaijan’s Ministry of Economy on the trade-related components of COP29 reflects a shared vision of promoting sustainable trade practices. These efforts build on the initiatives launched at COP28 in Dubai, highlighting the intersection of trade and environmental sustainability.
Azerbaijan's hosting of COP29 offers a unique platform to demonstrate how strategic investments in trade and logistics can drive economic growth while addressing global climate challenges. As the country continues its journey towards WTO membership, it stands poised to enhance its trade capabilities and secure a stronger, more sustainable economic future.
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