BAKU, Azerbaijan, April 4. Pakistan and Azerbaijan need to extend the bilateral trade to its true potential, said Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, as he met with Ambassador of Azerbaijan Khazar Farhadov, TurkicWorld reports via Pakistan’s Ministry of Commerce.
Minister Jam Kamal underscored the imperative to fully harness the historical, political, and economic bonds between Pakistan and Azerbaijan, urging the resolution of trade-related issues to unlock their bilateral trade's true potential.
Highlighting a rise in exports to Azerbaijan from $9.70 million in 2021-2022 to $12.08 million in 2022-2023, Minister Jam Kamal also notes increased imports, mainly fertilizers.
Both nations are actively negotiating a Preferential Trade Agreement (PTA), with finalized drafts in progress.
Ambassador Khazar Farhadov emphasized the significance of high-level visits to fortify bilateral relations and enhance trilateral cooperation with Türkiye. He accentuates the resumption of LNG supplies from Azerbaijan to Pakistan and the prospects for mutual investments, particularly in energy and IT sectors.
Noteworthy is Azerbaijan's exemption of Pakistani rice from import customs duty until December 2027, reflecting a goodwill gesture.
Minister Jam Kamal reiterated Pakistan's dedication to enhancing commercial and economic ties, stressing the importance of people-to-people engagement and the PTA's signing to amplify trade volume and foster new business opportunities.
