Baku: Products manufactured in the Alat Free Economic Zone will be granted an export-related incentive, APA reports. This development comes as a result of amendments to the Law on Customs Tariff that were discussed in a plenary session of the Milli Majlis.

According to Azeri-Press News Agency, the amendments state that goods of Azerbaijani origin, either fully produced by a Free Zone legal entity within the Alat Free Economic Zone or sufficiently processed according to criteria approved by designated authorities, will be exempt from customs duties. This exemption applies when the goods are brought into the main economy, following procedures set by relevant executive authorities.

The exemption is contingent upon at least 50% of the goods' volume being exported outside the country. It will be in effect for 15 years from the establishment date of the Free Zone legal entity responsible for producing or processing the goods. The draft law was successfully put to a vote and adopted in the third reading.

The new law is scheduled to come into force on January 1, 2027.