Turkey ratifies Preferential Trade Agreement signed with Azerbaijan

The Turkish Grand National Assembly has adopted a bill on the ratification of the Preferential Trade Agreement between Turkey and Azerbaijan and the Turkish president's authorization to approve the amendments to the annexes to the agreement directly. Report informs referring to the foreign media.

"Relations between Turkey and Azerbaijan are multidimensional and strategic. Our ties, defined by the spirit of 'one nation, two states' based on our brotherhood, strengthened by a common language, culture, and history, are at a level that will be an example to many countries," MP from Nationalist Movement Party (MHP) Yasar Karadag said.

The document was signed on February 25, 2020, in Baku. The purpose of the Preferential Trade Agreement is to reduce or eliminate tariffs on goods, eliminate para-tariffs and non-tariff barriers, expand and promote trade through the harmonious development of economic relations, create favorable conditions for fair competition, and a predictable and secure environment for sustainable trade growth.

A Joint Committee will be established under the document. It will meet at least once a year to review the progress in implementing this agreement.