Baku: Products manufactured in the Alat Free Economic Zone will be granted a customs duty exemption, APA reports. This development comes as part of the amendments to the Law on Customs Tariff, recently approved by President Ilham Aliyev.

According to Azeri-Press News Agency, the amendments specify that goods of Azerbaijani origin, either fully produced by a Free Zone legal entity in the Alat Free Economic Zone or those that have undergone sufficient processing, will be exempt from customs duties. This exemption applies when these goods are brought from the Alat Free Economic Zone into the main economy, following procedures set by the designated executive authority.

To qualify for this exemption, at least 50% of the volume of such goods must be exported outside the country. This exemption will remain effective for 15 years starting from the establishment date of the Free Zone legal entity responsible for producing or processing the goods.

The law is set to come into effect on January 1, 2027, marking a significant shift in the economic landscape for the Alat Free Economic Zone and its contributions to the Azerbaijani economy.