Baku: Products manufactured in the Alat Free Economic Zone will soon benefit from an export-related incentive, APA reports. This development comes as part of proposed amendments to the Law on Customs Tariff, which were discussed at a recent meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship.

According to Azeri-Press News Agency, the proposed amendment states that goods of Azerbaijani origin, either fully produced by a Free Zone legal entity in the Alat Free Economic Zone or sufficiently processed under approved criteria, will be exempt from customs duties. This exemption applies when such goods are brought from the Alat Free Economic Zone into the main economy, following procedures set by the designated authority.

The incentive is contingent on at least 50% of the goods' volume being exported outside the country. The exemption will be valid for 15 years from the establishment date of the Free Zone legal entity responsible for producing or processing the goods. If the amendment is adopted, the new law will become effective on January 1, 2027.