Azerbaijan, Pakistan Explore New Horizons To Boost Trade Relations
Date
9/23/2024 3:13:54 PM
(MENAFN- AzerNews)
Akbar Novruz
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In recent years, trade and economic relations between Azerbaijan
and Pakistan have significantly advanced. Last year, key progress
was made in the energy and tourism sectors, with new agreements on
preferential trade and transit corridors further strengthening
ties. The Azerbaijan-Pakistan business forum held on September 16
in Baku underscored the potential for deepening economic
collaboration. But what drives this growth, and what steps are
essential to enhance it? Moreover, how can the establishment of
Chambers of Commerce between the two nations foster stronger
business connections and long-term economic cooperation?
On his exclusive commentary Pakistani political analyst
Imran Khalid shared his insights to
Azernews. The analyst notes that the recent
expansion in trade and economic connections between Azerbaijan and
Pakistan is driven by several crucial factors.“Their close
partnerships, involving aid diplomacy and cultural exchanges, have
bolstered their bonds,” Khalid noted.“Collaboration agreements in
the realm of economics within the Economic Cooperation Organization
(ECO) have also been facilitating and nurturing trade since 1995.”
Azerbaijan's substantial energy resources in oil and gas position
it as a critical trading ally for Pakistan, which relies heavily on
oil imports. Additionally, Azerbaijan has shown an interest in
Pakistan's textile industry and agricultural goods. To further
enhance this partnership, Khalid emphasized the importance of
expanding trade agreements, investing in infrastructure,
diversifying trade sectors, and encouraging joint ventures.
The establishment of Chambers of Commerce between Azerbaijan and
Pakistan would significantly boost business relations and encourage
sustainable economic cooperation.“These chambers can simplify
trade procedures and lower hurdles while offering companies
guidance and aid to access each other's markets,” Khalid explained.
Such initiatives could lead to increased trade activities and
reciprocal investments. The Chambers of Commerce can host business
gatherings, such as forums and trade expos, where entrepreneurs and
companies from both nations can collaborate and explore partnership
opportunities.“They offer resources like market studies and
economic information to help businesses understand market trends
and customer preferences,” Khalid added. Additionally, these
chambers would represent businesses in discussions with government
bodies, supporting policies that enhance trade relationships and
promote investments. This could create a more favorable environment
for businesses and remove obstacles to trade growth. The chambers
might also provide training sessions and workshops to help
companies improve their expertise and competitiveness, which is
especially beneficial for enterprises looking to expand their
reach. By fostering connections among businesses, the Chambers of
Commerce can encourage exchange and understanding, potentially
strengthening bilateral relationships and collaboration.
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