Daily Times

Pakistan and Azerbaijan on Thursday aimed to boost economic and trade ties by seeking finalization of a bilateral Preferential Trade Agreement (PTA) to increase the bilateral trade between both of countries.

Federal Minister for Commerce, Jam Kamal Khan, and Ambassador of Azerbaijan to Pakistan, Khazar Farhadov, met here on Thursday to discuss bolstering economic cooperation between the two nations, according to a press release issued here.

Minister Jam Kamal reiterated Pakistan’s commitment to strengthening commercial and economic ties, emphasizing the importance of people-to-people contact and the signing of the PTA to bolster trade volume and create new business opportunities.

Highlighting the historical, political, and economic ties shared by Pakistan and Azerbaijan, Minister Jam Kamal emphasized the need to extend bilateral trade to its true potential by addressing trade-related issues.

Minister Jam Kamal noted the increase in exports to Azerbaijan from US$ 9.70 million in 2021-22 to US$ 12.08 million in 2022-23, alongside a significant rise in imports primarily due to fertilizers.

Both countries are actively negotiating a Preferential Trade Agreement (PTA), with finalized drafts.

Ambassador Khazar Farhadov stressed the importance of high-level visits to enhance bilateral relations and elevate trilateral cooperation with Turkiye.

He emphasized the resumption of LNG supplies from Azerbaijan to Pakistan and the potential for mutual investments, particularly in energy and IT sectors.

Notably, Azerbaijan exempted Pakistani rice from import customs duty until December 2027, signaling a gesture of goodwill.