Azerbaijan raises export duties on screws, bolts and nuts

The Cabinet of Ministers has amended the “Commodity nomenclature of foreign economic activity, rates of import customs duties and rates of export customs duties” approved by a decision dated Nov. 17, 2017.

The Operative Information Center-OMM reports that Prime Minister Ali Asadov signed a new decision on the matter.

Under the decision, the customs tariff on every 1,000 kilograms of screws, bolts and nuts exported from Azerbaijan has been raised from $15 to $300 through the end of 2029.

The decision will enter into force 30 days after its publication.

Customs tariffs are used to regulate foreign trade and may affect the cost and competitiveness of goods in international markets. The new measure specifically applies to the listed metal hardware products and remains in effect until the end of 2029.