LAHORE: Azerbaijan Ambassador Khazar Farhadov underscored Azerbaijan’s firm commitment to bolstering bilateral trade relations with Pakistan during his address at the Lahore Chamber of Commerce & Industry (LCCI).
He emphasised the initiation of direct flights between the two nations by AZAL and PIA last year and expressed aspirations to broaden flight connectivity, ultimately aiming for daily flights from various cities. The ambassador highlighted the pivotal role of the private sector in advancing economic ties.
LCCI President Kashif Anwar stressed enhanced trade through SIFC collaboration, strengthening ties with Azerbaijan. He extended a warm welcome to Ambassador Farhadov and acknowledged the enduring diplomatic, historical, and cultural ties between Pakistan and Azerbaijan.
Ambassador Farhadov expressed optimism regarding the significant increase in trade turnover between Azerbaijan and Pakistan, attributed to the introduction of direct flights. He noted a substantial rise in the number of Pakistani students studying in Azerbaijan, underscoring the importance of private sector engagement in fostering robust economic ties.
The ambassador emphasised the need for market exploration, partnerships, and reciprocal investments between Pakistan and Azerbaijan, citing successful trade relations between Azerbaijan and Turkey as a model. He highlighted Azerbaijan’s position as a key international transport corridor and mentioned that Azerbaijan’s Socar Trading company provides LNG to Pakistan.
Ambassador Farhadov stressed the importance of people-to-people contact and the accessibility of the Azerbaijani Embassy, expressing Azerbaijan’s consideration in participating in possible joint projects under Pakistan’s SIFC.
He advocated for the establishment of preferential and transit trade agreements between the two countries and identified tourism as a promising area for collaboration, citing Azerbaijan’s reception of tens of thousands of Pakistani tourists every year.
The ambassador highly appreciated the tenfold increase in direct and indirect trade turnover over the last two years, with the contribution of SOCAR Trading. He also invited Pakistani rice exporters to avail of opportunities after Azerbaijan’s government announced an exemption of customs duty on rice imports from Pakistan until December 31, 2027.
President Kashif Anwar underscored Azerbaijan’s strategic significance in the crossroad between Asia and Europe and emphasized its prime location and abundant natural resources, positioning it as a linchpin in regional trade and transportation networks.
While acknowledging the existing trade potential between the two countries, Kashif Anwar noted that the bilateral trade volume has not yet reached its full potential. He highlighted Pakistan’s exports of rice, textiles, and fruits to Azerbaijan, along with imports of urea from Azerbaijan.
Kashif Anwar stressed the need for diversification in product lines and avenues of cooperation to maximize bilateral trade opportunities, suggesting potential areas such as pharmaceuticals, surgical instruments, textiles, IT, and tourism for collaboration.
President Kashif Anwar emphasised the pivotal role of commercial sections of embassies in facilitating trade and fostering people-to-people contacts. He highlighted the recent Pakistan-Azerbaijan Bilateral Political Consultations, where discussions centered on deepening cooperation across various sectors including energy, IT, agriculture, and education. Anwar also mentioned ongoing efforts to finalise Preferential Trade and Transit Trade Agreements to further enhance bilateral trade.
Copyright Business Recorder, 2024
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