ISLAMABAD: Ministry of Commerce has moved draft text of Preferential Trade Agreement (PTA) to Azerbaijan for enhanced market access. This draft has been shared through diplomatic channels and Ministry of Commerce is still waiting for the response from Azerbaijani side with positive outcome.
“An indicative wish list of 100 items for immediate tariff concessions by Azerbaijan have also been shared with the Azeri side. This measure has been taken by the MoC in a bid to enhance bilateral trade volume as well as increase the economic activities between both the countries” a well placed source at Ministry of Commerce told Customs Today.
In result of these measures, the source said that tune of bilateral trade between Pakistan and Azerbaijan had increased from $ 10.323 in 2011-2012 to an unprecedented level of $ 60 million in last five years.
To a question about the further elaboration of the steps taken by the MoC in this regard, the source said that in order to enhance Pakistan’s trade with Azerbaijan a five year trade cooperation plan to diversify and increase bilateral trade had been shared with the Azeri side for their concurrence.
Therefore, the source said that now it was expected to get positive nod from Azerbaijan and accordingly concerted efforts would be made for trade enhancement. An Memorandum of Understanding (MoU) between Trade Development Authority of Pakistan (TDAP) and Azerbaijan Export and Investment Promotion Organization (AZPROMO) has been shared with the Azeri side through diplomatic channels for their comments and concurrence. Upon confirmation, the source added that MoU would institutionalize the trade promotion activities.
Moreover, the source said that Prime Minister Nawaz Sharif as well as Minister for Commerce Khurram Dastgir visited Baku, Azerbaijan in October, 2016 and December, 2016 respectively to enhance trade and economic cooperation.
“The Commerce Minister was also accompanied by a business delegation from important export oriented sectors of Pakistan, On the sidelines of the Commerce Minister’s visit to Baku, a Business Forum and B2B meetings were also held” the source maintained. Furthermore, the source said that the businessmen from both the countries were being encouraged to participate in each other’s trade fairs and exhibitions.
