Pakistan-Azerbaijan Transit Trade Agreement expected to be finalized next month

Government of PakistanPakistan-Azerbaijan Transit Trade Agreement expected to be finalized next month

ISLAMABAD, Pakistan: The Azerbaijan’s Minister of Digital Development & Transport Rashid Nabiyev visited Pakistan on Tuesday to meet with the Federal Minister for Commerce Syed Naveed Qamar to discuss the finalization of the Preferential Trade Agreement (PTA) and the Transit Trade Agreement (TTA) between the two Countries.

During the meeting, the visiting dignitary informed Syed Naveed Qamar that the PTA is expected to be finalized in the first week of August while the TTA is planned to be signed by the end of August or in September.

   
Pakistan-Azerbaijan Transit Trade Agreement expected to be finalized next month
The Federal Minister for Commerce Syed Naveed Qamar and Azerbaijan’s Minister of Digital Development & Transport Rashid Nabiyev exchanging souvenir in Islamabad on July 18, 2023.

Rashid Nabiyev mentioned that discussions regarding the TTA are currently underway in Azerbaijan’s relevant ministries.

In addition, he revealed that Azerbaijan to initiate flights of Azerbaijan Airlines between Islamabad and Baku soon.

Syed Naveed said direct flights would further strengthen the bilateral trade and connectivity between the two nations.

To ensure the timely finalization of the Transit Trade Agreement, te Federal Minister Syed Naveed Qamar proposed the establishment of a High-Level Joint Working Group, which would actively work towards achieving the desired goals.

Both Countries are presently engaged in negotiations for the Preferential Trade Agreement.

Pakistan has completed consultations to finalize its list of requested items, sharing a request list of 103 items with Azerbaijan on June 14, 2023, seeking market access.

On the other hand, Azerbaijan has shared its request list of 84 items, and the Ministry of Commerce in Pakistan is currently conducting stakeholder consultations on these items.

Regarding the Transit Trade Agreement, the Ministry of Commerce shared the draft agreement with Azerbaijan on September 15, 2022 with the consensus of all stakeholders.

The agreement encompasses all modes of transportation, including road, railways, air, and sea.

During the discussions, tariff reduction modalities and lists were also deliberated upon, with the aim of further facilitating trade between Azerbaijan and Pakistan.

Both sides expressed their commitment to enhancing bilateral trade ties between the “brother countries” and strengthening economic cooperation.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

AUD to INR: Australian Dollar to Indian Rupee Today – 4 March 2024

0
The Australian Dollar (AUD) was trading at 54.02 as per the Indian Rupee (INR) on Monday.Currently, Indians are now the second-largest migrant group in...

USD to PKR: USD Dollar Rate in Pakistan Today – 4 March 2024

0
The US Dollar (USD) was being bought and sold at Rs 279.3 and Rs 282.2 in the Open Market against the Pakistani Rupee (PKR)...

Gold Price in Pakistan Today – 4 March 2024

0
On Monday (March 04, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 222,300.000.It's important to note that gold...

PTI decries use of force against peaceful protestors

0
Vows nation won’t rest until reclaim stolen mandate from thieves Declares fake govt of mandate thieves unacceptableISLAMABAD, Pakistan: The Pakistan Tehreek-e-Insaf (PTI)...
Abdullahpur ka Devdas drama

Abdullahpur Ka Devdas Drama Story, Cast, Where to Watch

0
Abdullahpur Ka Devdas was a much-anticipated drama serial for a long time. After a lot of wait, it has finally started premiering, starring Bilal...
Advertisement