Page 26 - Azerbaijan State University of Economics

Emin T.Teymurov: Integration of the Republic of Azerbaijan towards multilateral trading system

thousand works and related rights objects have been registered. Taking into account legal importance

of registration, electronic database called ―Registration‖ related to the registration of works created,

digital online registration system have been improved and digital library on folklore has been

enriched. At the moment several hundreds of musical samples are being kept in digital library on

folklore. Within the Commonwealth of Independent States (CIS) region, Azerbaijan is one of the first

countries implementing voluntary registration of works.

4. Integration towards multilateral trading system

Azerbaijan attaches importance to joining international trade family. Azerbaijan considers

its integration towards multilateral trading system asan additional tool to ensure further economic

development, diversification of the economy and development of the non-oil sector.

It is a well-known fact that, for the last several years, Azerbaijan has been among the

fastest growing economies in the world. According to the forecast of the international economic

and financial institutions, the growth rate will retain its dynamics for the next years as well.

Coherent and consistent policies of comprehensive reforms for the last several years, in close

cooperation with all major international economic institutions, succeeded in achieving

impressive results in macroeconomic stability, structural changes, attracting foreign direct

investment (FDI), as well as ensuring overall sustainable development in Azerbaijan.

Integration towards multilateral trading system as a developing country will be a positive

step towards diversifying the economy, developing non-oil sectors (such as agriculture, tourism,

information and communication technologies, construction, transportation), attaining high

standards of living, ensuring sustainability and promoting the exports. According to the United

Nations Economic and Social Commission for Asia and Pacific (UNESCAP) report [Bridging

information-communication technologies, transport and energy infrastructure gaps for seamless

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