Azerbaijan, Pakistan prepare agreements to boost trade relations

    ECONOMICS  20 April 2024 - 18:10

    Azerbaijan and Pakistan are gearing up to enhance bilateral trade relations through the preparation of two key agreements aimed at facilitating smoother trade activities between the two nations.

    Azerbaijani Ambassador to Pakistan, Khazar Farhadov, shared this development during a meeting with President of the Karachi Chamber of Commerce and Industry (KCCI), Iftikhar Ahmed Sheikh, Report informs.

    According to Ambassador Farhadov, the two agreements in progress include a Transit Trade Agreement and a Preferential Trade Agreement. These agreements are expected to play a pivotal role in strengthening trade ties and fostering economic cooperation between Azerbaijan and Pakistan.

    Ambassador Farhadov also highlighted Azerbaijan's decision to exempt rice imports from Pakistan from import customs duty until December 31, 2027, as per a Cabinet decision made on November 22, 2022. This move aims to facilitate smoother trade flows and encourage increased rice imports from Pakistan.

    Moreover, the ambassador emphasized the importance of resuming liquefied natural gas (LNG) supplies from the State Oil Company of Azerbaijan (SOCAR) to Pakistan. He also highlighted the potential for mutual investments in energy and information technology (IT) sectors, which would further bolster the economies of both nations.

    In 2023, the total volume of trade transactions between Azerbaijan and Pakistan surpassed $100 million, marking a significant increase compared to previous years. Ambassador Farhadov stressed the crucial role of private sector involvement in driving trade and economic cooperation between the two countries.

    President of KCCI, Iftikhar Ahmed Sheikh invited Azerbaijan to participate in the upcoming “My Karachi-Oasis of Harmony” International Exhibition. This exhibition aims to promote trade and economic activities further, providing an excellent platform for businesses from both countries to explore new opportunities and strengthen bilateral ties.

    Caliber.Az

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