Pakistan and Azerbaijan agree to enhance bilateral trade relations

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Pakistan and Azerbaijan agree to enhance bilateral trade relations

Pakistan and Azerbaijan agree to enhance bilateral trade relations

ISLAMABAD, Pakistan: Pakistan and Azerbaijan have agreed to enhance bilateral trade relations, reports Dispatch News Desk news agency.

The two-day 6th Session of Azerbaijan-Pakistan Joint Commission at Governmental Commission level concluded here at Islamabad on Thursday which agreed to further enhance bilateral trade relations.

The Session was chaired by Shahid Khaqan Abbasi, Minister for Petroleum and Natural Resources and Yavar Jamalov, Minister for Defence Industry, Republic of Azerbaijan led Azerbaijan side.

During the two days of the Session, detailed meetings were held between the experts of the two sides on a number of issues, especially focussing on Trade and Commerce, Energy, Agriculture, Education, Science and Technology and other matters of mutual interest.

During the closing session, Protocol of the Session was signed by both Co-chairs.

During his stay in Pakistan, Yavar Jamalov, Minister for Defence Industry, Republic of Azerbaijan called-on President as well as Prime Minister of Pakistan.

He also held meetings with the Minister for Defence Production on issues of bilateral interest.

Highlighting major decisions taken during the meetings of the 6th Session of Pakistan-Azerbaijan Joint Ministerial Commission, a statement of the Ministry of Finance issued here said that both sides decided to enhance business to business contacts through the Joint Business Council scheduled later this year.

The Ministry of Petroleum and Natural Resources of Pakistan and the Ministry of Energy of the Azerbaijan have agreed for signing of Inter Governmental Agreement (IGA) which will aim at cooperation in the supply of crudes, refined oil products, LPG and LNG as well as attraction of investments into energy sectors, including the relevant infrastructure and storage within and outside Pakistan.

Bothe the sides also agreed on facilitating negotiations and subsequent signing of MoU between State Oil Company of the Republic of Azerbaijan (SOCAR) and Pakistan State Oil Company (PSO) and/or other nominated entity of Government of Pakistan under the Inter Governmental Agreement (IGA) aimed at trading of crudes, refined oil products, LNG and Liquefied Petroleum Gas (LPG) as well as joint development of new facilities for their import.

SOCAR would execute the activities hereunder through SOCAR Trading S.A., which is SOCAR’s wholly owned affiliate.

It was also agreed to sign “Agreement between the Government of Azerbaijan and the Government of Pakistan on Cooperation in the Field of Energy” after the completion of all necessary national legal procedures.

The Parties agreed to explore the possibilities of cooperation between Ministry of Energy of Azerbaijan and the Ministry of Water & Power of the Pakistan on the supply of electricity from Azerbaijan to Pakistan under the Inter Governmental Agreement (IGA).

The two Sides further agreed to establish and enhance Defence Industrial cooperation.

A Joint Working Group will be constituted for the purpose.

Both parties agreed to consider the following legal instruments for commencing road transport operations: –

Draft Agreement on “International Combined Transport” and Agreement on “International Road Transport” between Pakistan and Azerbaijan.

ECO Transit Transport Framework Agreement was also agreed.

The Parties agreed to consider the improvement of quality of communication and rationalization of rates for international calls, improvement of quality of international post service and rationalization of tariffs.

Both sides agreed to kick start the Air services consultations between the two countries.

Two sides agreed on properly organizing cultural events reflective of brotherly and friendly people of both nations.