Pakistan, Azerbaijan agree to implement PTA

Will explore joint venture, investment opportunities for businesses

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ISLAMABAD:

The eighth session of Pakistan-Azerbaijan Joint Commission concluded in Islamabad on Friday, where the two sides reaffirmed their commitments across key sectors and called for enhancing cooperation in areas such as energy, trade, defence, agriculture and education.

The session was co-chaired by Federal Minister for Defence Production Khawaja Muhammad Asif and Azerbaijan Minister for Defence Industry Vugar Valeh Oglu Mustafayev.

Both sides agreed to implement the Azerbaijan-Pakistan Preferential Trade Agreement (PTA) signed in July 2024 as well as explore joint ventures and investments by businesses from the two countries.

They expressed their commitment to facilitating cooperation between Customs authorities and expediting the signing of an MoU for establishing the Advance Electronic Data Interchange.

In the defence industry, they agreed to accelerate the signing of an MoU for collaboration and enhancing the joint production and sale of defence hardware.

Discussions were also held to advance the strategic underground gas storage project in Pakistan and Azerbaijan was invited to participate in energy infrastructure projects, including laying a white oil pipeline.

Agriculture and food security were among the key areas of focus, with the two sides agreeing to enhance cooperation through joint research in fields of cotton, grain cultivation and seed development. They committed to facilitating business-to-business exchanges to enhance trade in agricultural commodities.

In health care, the two countries underscored the importance of sharing expertise in advanced diagnostics, public health emergencies and medical tourism, while also exploring avenues for collaboration in health-related research and capacity building. They acknowledged that the ninth session of the Joint Commission would be held in Baku in 2027. Both sides were committed to deepening bilateral ties for the mutual benefit of their people and to foster continued development and prosperity in the coming years.

Asif said that over the years, high-level exchanges, including visits by President Ilham Aliyev and PM Shehbaz Sharif, had deepened cooperation across various sectors including energy, defence and trade.

In his remarks, Mustafayev said, "The agreements reached will enhance our bilateral cooperation while the creation of new joint working groups marks a significant step towards deeper collaboration," he said.