Global Rice News

Pakistan and Azerbaijan are making efforts to strengthen their economic and trade ties through the finalization of a bilateral Preferential Trade Agreement (PTA). The aim is to increase the volume of bilateral trade between the two countries. The Federal Minister for Commerce, Jam Kamal Khan, and the Ambassador of Azerbaijan to Pakistan, Khazar Farhadov, held a meeting to discuss ways to enhance economic cooperation.

Minister Jam Kamal reiterated Pakistan’s commitment to strengthening commercial and economic ties. He emphasized the importance of people-to-people contact and the signing of the PTA to enhance trade volume and create new business opportunities. Minister Jam Kamal highlighted the historical, political, and economic ties shared by Pakistan and Azerbaijan. He stressed the need to fully tap into the potential of bilateral trade by addressing trade-related issues.

The Minister also noted the increase in exports to Azerbaijan, which grew from US$9.70 million in 2021-22 to US$12.08 million in 2022-23. Imports, particularly of fertilizers, have also seen a significant rise. Both countries are actively involved in negotiations for the Preferential Trade Agreement (PTA), with finalized drafts currently being discussed.

Ambassador Khazar Farhadov emphasized the importance of high-level visits to enhance bilateral relations and promote trilateral cooperation with Turkey. He also highlighted the potential for mutual investments, particularly in the energy and IT sectors. It is worth mentioning that Azerbaijan has exempted Pakistani rice from import customs duty until December 2027, which is seen as a gesture of goodwill.

Overall, Pakistan and Azerbaijan are taking concrete steps to boost their economic and trade relations. The finalization of the bilateral Preferential Trade Agreement (PTA) and the exemption of Pakistani rice from import customs duty are expected to further enhance bilateral trade between the two countries.

Source: [UrduPoint](https://www.urdupoint.com)