Pakistan and Azerbaijan to enhance economic relations
Published on: April 5, 2024.
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Pakistan and Azerbaijan are working towards strengthening their economic and trade ties through the finalization of a bilateral Preferential Trade Agreement (PTA). The aim of this agreement is to increase the bilateral trade between the two countries.
In a meeting held on Thursday, Federal Minister for Commerce, Jam Kamal Khan, and Ambassador of Azerbaijan to Pakistan, Khazar Farhadov, discussed the ways to enhance economic cooperation between the two nations. Minister Jam Kamal reiterated Pakistan’s commitment to strengthening commercial and economic ties, with a focus on the importance of people-to-people contact and the signing of the PTA to boost trade volume and create new business opportunities.
The historical, political, and economic ties shared by Pakistan and Azerbaijan were highlighted by Minister Jam Kamal. He emphasized the need to tap into the true potential of bilateral trade by addressing trade-related issues. He also mentioned the increase in exports to Azerbaijan from US$ 9.70 million in 2021-22 to US$ 12.08 million in 2022-23, with a significant rise in imports primarily due to fertilizers.
Both countries are actively negotiating the PTA, with finalized drafts being discussed. Ambassador Khazar Farhadov stressed the importance of high-level visits to enhance bilateral relations and elevate trilateral cooperation with Turkey. He also emphasized the resumption of LNG supplies from Azerbaijan to Pakistan, as well as the potential for mutual investments, particularly in the energy and IT sectors.
It is noteworthy that Azerbaijan has exempted Pakistani rice from import customs duty until December 2027, which is seen as a gesture of goodwill. This exemption provides an opportunity for Pakistani rice exporters to strengthen their trade links with Azerbaijan.
Source: [ISLAMABAD POST](https://islamabadpost.com.pk)
