Azerbaijani Parliament adopts bill on free-trade zone in Alat, Baku
Azerbaijani Parliament adopted a new bill “On Alat free-trade zone” during its plenary session.
The new bill is drafted according to the corresponding order of the President of Azerbaijan, providing for the creation of a free-trade zone in Alat settlement in Garadagh district of Baku, Vice-speaker of the Parliament, Chairman of the National Resources, Energy and Ecology Committee Valeh Alasgarov noted addressing the Parliament session.
“Specialists, lawyers and experts, who participated in the bill drafting, looked into international legislation on free-trade zones in details. Practices, creating the most favorable conditions for investors, were used as a basis,” Alasgarov said.
The bill consists of five parts and 30 articles.
Azerbaijani President Ilham Aliyev signed a decree on March 17, 2016, on measures to create a Free Trade Zone type special economic area covering the territory of the Baku International Sea Trade Port in the Alat township of Baku’s Garadagh district.
Consulting services in free-trade zone creation are provided by Dubai Port World, one of the world’s major port operators, and Islamic Corporation for the Development of the Private Sector (ICD), member of Islamic Development Bank.
Source: Trend News Agency