Azerbaijan and Punjab decide to strengthen their trade ties

Punjab Chief Minister Maryam Nawaz had a thorough meeting with the Azerbaijan Economy Minister Mikayil Jabbarov whereby both parties discussed strengthening bilateral economic cooperation, investment relations and institutional partnerships between Punjab and Azerbaijan.

The two leaders during the meeting reiterated the age old friendly relations between the two countries Pakistan and Azerbaijan and agreed to broaden the cooperation into structured economic partnerships especially in the fields of trade, investment, urban development, agriculture, logistics, tourism and infrastructure.

This time, it was explicitly agreed to set up a joint working group to facilitate economic cooperation and investment. CM Maryam Nawaz has delegated the task of heading the joint working committee to senior minister Marriyum Aurangzeb.

Relevant government agencies and technical experts from both countries will be part of the working group, who will identify priority sectors for collaboration and joint ventures, the statement said. The group will also help establish public-private partnership (PPP) opportunities, and coordinate investors and develop projects.

Both parties also agreed to propose cooperation frameworks in the areas of infrastructure, housing, agriculture, tourism and energy industries, while building effective mechanisms for regulatory facilitation and ease of doing business.

The leaders also discussed the possibilities of a preferential trade deal between Pakistan and Azerbaijan to improve market access, reduce trade barriers and boost bilateral trade volume.

The Chief Minister invited Azerbaijan economy minister to visit Pakistan. It was agreed that the newly constituted working group would provide for close institutional coordination and that follow-up actions would be increased to move discussions towards investment-ready initiatives.