Pakistan and Azerbaijan on Thursday signed a Statement of Understanding to enhance bilateral cooperation, particularly to boost the volume of energy trade.
The document was signed by Minister for Commerce Syed Naveed Qamar and Azerbaijan’s Minister of Economy Mikayil Jabbarov at a ceremony witnessed by Prime Minister Shehbaz Sharif, along with his cabinet members.
The signing of the Statement between Pakistan’s Ministry of Commerce and the Ministry of Economy of Azerbaijan is aimed at promoting bilateral trade.
The document establishes a framework for fostering closer collaboration between Azerbaijan and Pakistan and promoting trade between the two countries.
Recognizing the importance of expanding their friendship and economic partnership, the ministers expressed their dedication to diversifying trade and enhancing economic development through this agreement.
Under the agreement, both countries will collaborate to create favourable conditions for bilateral trade by sharing trade information, organizing events, conducting studies to identify exportable products, and promoting economic cooperation.
For this purpose, both countries agreed to mobilize their efforts to finalize a Preferential Trade Agreement (PTA) by early August of 2023.
They emphasized the potential benefits that the PTA would bring and affirmed their commitment to working collaboratively to realize the shared goals outlined in the Statement of Understanding.
The signing of this agreement marks a significant milestone in the economic partnership between Azerbaijan and Pakistan, strengthening the foundation for increased trade and economic cooperation.
It is expected to create new opportunities for businesses, enhance bilateral investment, and contribute to the overall growth and prosperity of both nations.—APP
