On December 8, 2023, the Azerbaijani parliament adopted a long-expected law, i.e. "On Approving the Competition Code of the Republic of Azerbaijan" in the third reading. President Ilham Aliyev signed the Law "On approval, entry into force of the Competition Code of the Republic of Azerbaijan and related legal regulation" on January 23, 2024.

It is worth noting that the Code contains the Laws of the Republic of Azerbaijan "On Antimonopoly Activity", "On Unfair Competition", "On Natural Monopolies" and other normative legal acts.

It should be emphasized that entrepreneurs have been waiting for the adoption of the Competition Code for many years and the expectation is natural. The new code defines the legal basis for the activity of entrepreneurs under conditions of healthy competition. On the other hand, due to the global economic crisis caused by a number of recent events in the world, the disruption of trade balance and healthy competition has a negative impact on the country's ability to continue economic growth at a high level. In this regard, the private sector plays an important role in the development of the economy. The new code will contribute to the provision of a free and healthy competitive environment, the protection and development of its principles.

The Competition Code will enable to the rapid economic development of the country and it will regulate the relevant requirements of market relations, taking advantage of the legislation of a number of countries. The code was developed in accordance with the requirements of the local market, taking into account international experience.

Speaking to Azernews on the issue, economist Eyyub Karimli noted that the Competition Code was developed in order to establish a legal framework for ensuring a competitive environment and eliminating unfair competition in Azerbaijan.

“In general, I think, the adoption of the competition code will have a positive effect on economic activity in the country. It will allow to increase the export-import potential of the country. Besides, the Competition Code will ensure the activity of small and medium business entities and will increase their share in foreign trade. It goes without saying that it will also have a positive effect on the competitive environment in the country. As a matter of course, the country will witness the reduction of monopolies which in turn will prevent artificial price increases and lead to lower prices. So, if a positive competitive environment is formed, prices will begin to be formed based on demand and supply. Also, as the number of importers in the country increases, the competitive environment will increase and lead to the formation of prices,” Eyyub Karimli said.

He added that the economic environment in the country will become more transparent, which will allow attracting additional investments, opening new jobs, ensuring employment, increasing salaries, increasing budget payments, and bringing foreign currency into the country. The economist emphasized that on the other hand, it will undoubtedly have positive effects on the growth of the non-oil sector, as well as on the development of production, processing, local entrepreneurship, and agriculture.