Pakistan and Azerbaijan are set to finalise a Preferential Trade Agreement (PTA) in the first week of August 2023, aiming to boost trade liberalisation and bilateral trade between the two nations.
During a meeting between Azerbaijan’s Minister of Digital Development and Transport, Rashid Nabiyev, and Pakistan’s Federal Minister for Commerce, Syed Naveed Qamar, discussions centred on concluding the PTA and Transit Trade Agreement (TTA) between both countries.
Nabiyev revealed that the PTA is expected to be finalised in early August, while the TTA is slated for signing by the end of August or in September. Azerbaijan is actively engaged in discussions regarding the TTA in relevant ministries.
Additionally, Azerbaijan Airlines is planning to initiate direct flight operations between Islamabad and Baku, which is expected to further strengthen trade and connectivity between the two nations.
To ensure the timely finalisation of the TTA, Qamar proposed the establishment of a High-Level Joint Working Group, dedicated to achieving the desired goals.
Both countries have been negotiating the PTA, with Pakistan already finalising its list of requested items, seeking market access with a list of 103 items shared with Azerbaijan on June 14, 2023. Azerbaijan, in turn, has shared its request list of 84 items, and the Ministry of Commerce in Pakistan is currently conducting stakeholder consultations on these items.
Regarding the TTA, the draft agreement was shared with Azerbaijan on September 15, 2022, with the consensus of all stakeholders. The agreement covers all modes of transportation, including road, railways, air, and sea.
During the discussions, both sides deliberated on tariff reduction modalities and lists to further facilitate trade between Azerbaijan and Pakistan.
Both nations expressed their commitment to enhancing bilateral trade ties and strengthening economic cooperation between the “brother countries”.
Published in The Express Tribune, July 19th, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ