This paper estimates the gravity model to evaluate the potential impact of the entry of Azerbaijan to the World Trade Organization (WTO) on its export volume. The data employed in the estimation of the model has a panel structure which covers the period from 2006 to 2010 and includes 600 observations. To estimate the model, OLS and feasible GLS estimators are used. It is found that in the long run, the accession to the WTO will benefit Azerbaijan: its exports are expected to grow by 83 percent. However, it is mentioned that any export growth should be expected only if the government stimulates the production of those products in which Azerbaijan has competitive advantage over the other countries. The paper is concluded with some policy recommendations.