ISLAMABAD (APP): The Ministry of Commerce of the Islamic Republic of Pakistan and the Ministry of Economy of the Republic of Azerbaijan on Thursday signed a statement of understanding, which aims to enhance trade cooperation between the two countries.
The agreement was represented by Minister for Commerce Syed Naveed Qamar and Minister of Economy Mikail Jabbarov, said a press release.
The signing ceremony took place in Baku, Azerbaijan, during a state visit by Prime Minister Muhammad Shehbaz Sharif.
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The statement of understanding establishes a framework for fostering closer collaboration between Azerbaijan and Pakistan to promote 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 favorable 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 by early August of 2023.
The ministers expressed their enthusiasm and optimism for the future of Azerbaijan-Pakistan trade relations.
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They emphasized the potential benefits that the preferential trade agreement 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.