Azerbaijan and Pakistan to Tighten Economic Ties

Azerbaijan and Pakistan are moving forward to expand their already multi-faceted bilateral ties. In high-level meetings on December 5, in Baku, Azerbaijan Economy Minister Shahin Mustafayev and Pakistani Commerce Minister Khurram Dastgir, signaled a focus mainly on economic and business relations with new proposals reportedly on the horizon.

The two strategic and long-time allies propose to breathe new life into three major spheres of economic cooperation – trade, business and customs, according to the Pakistani Commerce Minister. Speaking regarding this expansion of economic ties, the minister pointed to Islamabad’s 5-year economic cooperation plan recently submitted to Baku. Minister Dastgir stated,

“The first area is the creation of a joint working group to review the issue of preferential trade between our countries.”

Developing relations between the two countries’ business circles and creating joint ventures were the second key area of cooperation the minister underlined.

“The third area is the simplification of customs and visa procedures.”

Azerbaijan President Ilham Aliyev is expected to visit Pakistan soon in acceptance of Pakistan Prime Minister Nawaz Sharif’s official invitation last October. Minister Dastgir expressed his government’s hope that the 5-year economic cooperation plan would be signed during President Aliyev’s visit. 

Pakistan assigns great importance to economic cooperation with Azerbaijan. The potential of these enhanced relations portend uninterrupted growth in numerous fields, including, but not limited to, trade, military, science, investments, production and agriculture.

Pakistan and China have already teamed up in a USD $46 billion deal to develop an economic corridor envisaging energy and infrastructure projects, in addition to establishing rail and fiber optic systems. According to Minister Dastgir,

“We invite the Azerbaijani side to participate in these projects."

In turn, Azerbaijan Economy Minister, Shahin Mustafayev expressed Azerbaijan’s readiness for broader economic and business cooperation. Referring to Pakistani companies’ interest in working in Azerbaijan, the minister promised cooperation and the development of the necessary conditions conducive to,  

"Pakistani companies show interest in activity in such fields in Azerbaijan as industry, production of agricultural equipment, accumulators, as well as pharmaceutics.”