IT is a matter of satisfaction that the present government is exploring different markets to bring in cheap petroleum products which will provide relief both to our domestic and industrial consumers.
After successful negotiations with Moscow which has agreed to provide petroleum products at discounted rates, the government has now reportedly started negotiations with fraternal country Azerbaijan for import of Mogas on credit as well distressed LNG at an affordable rate.
Both Pakistan and Azerbaijan have a unique political relationship that goes beyond borders and distance.
It really paves the way for collaboration in a variety of fields. In fact there is a great goodwill between the peoples of two countries and cooperation in the energy sector will open new vistas of cooperation in diverse fields.
The way Azerbaijan recently announced a five year tax exemption on rice import from Pakistan, we are confident that the friendly country while understanding the economic woes of Pakistan will offer the best deal for purchase of Mogas and distressed LNG.
At a time when the LNG prices are at higher levels in the international market and is not easily available, picking up the distressed LNG cargoes will prove to be a cheaper option for us to meet the local demand.
Given the current situation, there should not be any delay in sealing the deal. Azerbaijan has always shown the desire to enhance economic and trade relations with Pakistan.
A suggestion was also put forward by the Azeri side of the potential to develop an economic bloc between Pakistan, Azerbaijan and Turkey to achieve better outcomes for the three economies.
We believe given the warmth in their relationship, this idea can be materialized which will be a win-win for all.
Azerbaijan has been on a steady growth trajectory and has positioned itself as a strategic transport hub between Europe and Asia.
Therefore our close cooperation with Azerbaijan would open up new avenues for Pakistan to promote trade ties with many other regions.
Many Pakistani products including pharmaceutical, textiles, optic and medical equipment, rice and fruit can find a good market in Azerbaijan.
Similarly, Azerbaijan can export many products to Pakistan including, cotton and cotton yarn, polymers etc.
Opportunities of investment in the industrial sector can also be exploited by promoting engagements at various levels.
