Pakistan and Azerbaijan have decided to revive negotiations on the Preferential Trade Agreement (PTA), aiming to strengthen economic ties and boost bilateral trade, reported the 24NewsHD TV channel.
The decision to resume talks was reached in a meeting held between Azerbaijan's Ambassador Bilal Hayee and Federal Minister for Commerce and Industries & Production Dr Gohar Ejaz.
The discussions between the two nations aimed to facilitate and increase bilateral trade and investment, with a particular emphasis on exploring opportunities for mutual economic growth.
They reached a decision to proceed with negotiations on the list of 15, 15 items in the first phase.
Dr. Gohar Ejaz expressed optimism about the prospects of a PTA, highlighting the potential for Azerbaijan to emerge as a significant trading partner for Pakistan.
Pakistan and Azerbaijan have set a definitive goal to conclude negotiations on the PTA within the next 30 days.
The resumption of negotiations signified a positive turn of events, especially considering the previous impasse in trade talks with Azerbaijan. Both countries now reached a mutual understanding to revive and expedite discussions to bolster economic cooperation.
Minister Gohar Ejaz further added that the substantial trade opportunities that Azerbaijan presents for Pakistan, particularly in sectors such as rice, information technology, and the hotel industry.
The removal of restrictions on rice imports from Pakistan by Azerbaijan reflects a positive step toward fostering increased economic collaboration.
Reporter: Waqas Azeem