(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 4. Pakistan andAzerbaijan need to extend the bilateral trade to its truepotential, said Pakistan's Federal Minister for Commerce, Jam KamalKhan, as he met with Ambassador of Azerbaijan Khazar Farhadov,Trend reportsvia Pakistan's Ministry of Commerce.
Minister Jam Kamal underscored the imperative to fully harnessthe historical, political, and economic bonds between Pakistan andAzerbaijan, urging the resolution of trade-related issues to unlocktheir bilateral trade's true potential.
Highlighting a rise in exports to Azerbaijan from $9.70 millionin 2021-2022 to $12.08 million in 2022-2023, Minister Jam Kamalalso notes increased imports, mainly fertilizers.
Both nations are actively negotiating a Preferential TradeAgreement (PTA), with finalized drafts in progress.
Ambassador Khazar Farhadov emphasized the significance ofhigh-level visits to fortify bilateral relations and enhancetrilateral cooperation with Türkiye. He accentuates the resumptionof LNG supplies from Azerbaijan to Pakistan and the prospects formutual investments, particularly in energy and IT sectors.
Noteworthy is Azerbaijan's exemption of Pakistani rice fromimport customs duty until December 2027, reflecting a goodwillgesture.
Minister Jam Kamal reiterated Pakistan's dedication to enhancingcommercial and economic ties, stressing the importance ofpeople-to-people engagement and the PTA's signing to amplify tradevolume and foster new business opportunities.
Follow the author on X: @Lyaman_Zeyn
MENAFN04042024000187011040ID1108057981
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.