ISLAMABAD – Federal Trade Minister Jam Kamal Khan and Ambassador of Azerbaijan to Pakistan Hazar Farhadov discussed the development of economic cooperation between the two countries here.
Emphasizing historical, political, and economic relations with Pakistan and Azerbaijan, Minister Jam Kamal said there is a need to expand bilateral trade to its true potential by resolving issues related to trade.
Minister Jam Kamal said that exports to Azerbaijan increased from $9.70 million in 2021-22 to $12.08 million in 2022-23, mainly due to a significant increase in imports due to fertilizers.
These two countries are actively negotiating a Preferential Trade Agreement (PTA) and the project is finalized.
Ambassador Hazar Farhadov said that the high-level visit is important for developing bilateral relations and improving trilateral cooperation with Turkey.
He emphasized the resumption of LNG supply from Azerbaijan to Pakistan and the possibility of mutual investment, especially in the energy and IT sectors.
It should be noted that Azerbaijan has exempted Pakistani rice from import duty till December 2027, which is a sign of goodwill.
Minister Jam Kamal reiterated Pakistan’s commitment to strengthening trade and economic ties and emphasized the importance of people-to-people contacts and signing PTAs to strengthen trade ties and create new business opportunities.
