Progress made on transit and preferential trade agreements between Azerbaijan and Pakistan: ambassador
Published on: April 26, 2024.
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Governor Sindh Kamran Tessori and Ambassador of Azerbaijan to Pakistan Khazar Farhadov emphasized the need to strengthen economic and business relations between the two nations. At a meeting at the Karachi Chamber of Commerce & Industry (KCCI), Ambassador Farhadov highlighted the importance of involving the private sector in joint working groups to enhance trade and economic cooperation. These groups cover various sectors including trade, agriculture, banking, energy, tourism, and more.
The Ambassador also mentioned the ongoing work on a Transit Trade Agreement and Preferential Trade Agreement between Azerbaijan and Pakistan, which will facilitate improved trade ties. Furthermore, rice imported from Pakistan is exempted from import customs duty until December 31, 2027, as per the decision of the Cabinet of Ministers of Azerbaijan.
Ambassador Farhadov emphasized the significance of resuming LNG supplies from Azerbaijan to Pakistan and the potential for mutual investments. He also noted that the easy visa obtaining condition for Pakistani citizens and direct flights between the two countries have led to more than 50,000 Pakistani citizens visiting Azerbaijan in 2023, contributing to enhanced connectivity and people-to-people contacts.
The Ambassador stressed the need to focus on strengthening linkages between the business communities of Azerbaijan and Pakistan. He suggested participation in exhibitions and frequent visits to foster trade cooperation. The private sector’s involvement is crucial for achieving the desired goals.
President KCCI Sheikh, in his welcome remarks, acknowledged the strong historical relationship between Pakistan and Azerbaijan. He highlighted the need to elevate exports between the two countries by addressing trade barriers, streamlining customs procedures, improving the business environment, and supporting small and medium-sized enterprises (SMEs).
President KCCI Sheikh also recognized Azerbaijan’s potential to assist Pakistan in dealing with its energy challenges due to its abundant energy resources. He emphasized exploring opportunities in agriculture, such as research, irrigation techniques, livestock management, and more, to deepen economic integration and boost agro-food trade and exports.
In terms of economic relations, President KCCI Sheikh suggested that Azerbaijan’s companies explore joint ventures and investments in Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC). He encouraged diversifying trade and expanding exports in sectors like textiles, cotton, ready-made garments, rice, chemicals, and pharmaceutical products. Establishing academic linkages between agrarian institutions could further strengthen bilateral relations and economic cooperation.
Overall, the meeting emphasized the significance of collaboration between Azerbaijan and Pakistan in various sectors to foster trade and economic cooperation. By leveraging their respective strengths, the two countries can enhance their partnership and explore new avenues for growth.
**Source:** [The News](https://www.thenews.com.pk)
