Azerbaijan, Pakistan working to establish joint chamber of commerce and industry

Work is currently underway to establish a Trade House of Azerbaijan in Pakistan, alongside the creation of a joint chamber of commerce and industry between the two nations, according to Deputy Economy Minister Samad Bashirli.

Bashirli made the announcement during the Azerbaijani-Pakistani business forum held in Baku, Caliber.Az reports.

He emphasized the growing economic ties between the countries and highlighted the potential for further collaboration.

"In 2023, the trade turnover between Azerbaijan and Pakistan reached $27 million, with the majority of this volume stemming from Azerbaijan’s imports of various products from Pakistan," Bashirli said, underlining the opportunity for expanding mutual trade in the future.

The historically friendly and allied relations between Baku and Islamabad further strengthened during the 44-day war after the liberation of Karabakh from Armenian occupation. The ties have today been supplemented with qualitatively new options, allowing for a manifold expansion of mutual trade turnover and entry into investment cooperation. 

Over the past three years, the trade and economic relations between Azerbaijan and Pakistan have undergone rapid development. Progress has been made in the fields of energy and tourism, and today joint breakthrough initiatives in preferential trade, transport corridors, and investments in joint ventures are on the agenda.

In 2020, Azerbaijan-Pakistan trade turnover amounted to $13.283 million. Three years later, this figure surged by more than sevenfold. The driver behind such rapid growth in bilateral trade figures has been intergovernmental energy agreements.