PROSPECTS FOR ECONOMIC DEVELOPMENT OF AZERBAIJAN IN THE CONTEXT OF ACCESSION TO THE WTO: PROS AND CONS

This article analyzes the prospects for economic growth and integration of the Republic of Azerbaijan into the World Trade Organization (WTO). In the context of globalization and increasing international competition, accession to the WTO is an important step to expand trade opportunities and stimulate economic development of Azerbaijan. The article analyzes how integration into the global trading system can improve the business environment, ensure more stable and transparent conditions for doing business, and attract foreign direct investment. Particular attention is paid to how WTO membership can help Azerbaijan diversify its economy, reduce dependence on the oil sector and develop new industries such as information technology, agriculture and tourism. In addition, the article examines the potential challenges and risks associated with the WTO accession process. Possible negative consequences for local producers, who may face increasing competition from foreign companies are also considered. Measures to be taken to protect national interests and support domestic enterprises in the context of trade liberalization are assessed.