ISLAMABAD, Sept 3: Pakistan and Azerbaijan on Tuesday signed a protocol to enhance and strengthen the existing trade and economic relations between the two countries after comprehensive deliberations at the 2nd session of Joint Ministerial Commission.
Deputy Prime Minister of Azerbaijan, Yagub Eyyubov and Minister for Privatization, Altaf M. Saleem signed the protocol on behalf of their respective countries at a signing ceremony here at Privatization Commission.
Secretary Economic Affairs Division, Dr. Waqar Masood was also present at the signing ceremony.
According to the protocol, the two countries will cooperate and exchange information and expertise in various fields of economy including engineering sector, science and technology, finance, trade, etc.
A joint Business Council will also be established to enhance business relations between the two countries, besides initiating air links.
Later talking to newsmen, Minister for Privatization, Altaf M. Saleem, who led the Pakistan side, said the two countries enjoy long-time traditional relations and it was realized at the JMC to further boost economic ties.
“We have also offered Azerbaijan the expertise from Pakistan in finance and banking,” he added.
The Minister said it was also decided to increase and facilitate the frequent exchange of business delegations between the two countries.
Deputy Prime Minister of Azerbaijan, Yagub Eyyubov while sharing the views of Altaf M. Saleem said the signing of protocol was an expression of desire from the hearts of the people of two countries to strengthen the existing relations.
He said the protocol will boost the economic cooperation between the two countries, besides bringing the people of two nations more closer.
The Business Council would comprise leading Pakistan and Azerbaijani businessmen to enhance the business relations between the two friendly countries.—APP
Our Reporter adds: Pakistan and Azerbaijan, under the umbrella of Economic Cooperation Organization (ECO), can boost their economic and trade relations in view of the potential existing among the ECO countries to compliment each other’s economy and share experiences among themselves.
This was stated in a joint statement issued by Yagub Eyyubov, Deputy Prime Minister of Azerbaijan who is currently visiting Pakistan at the head of seven-member delegation and Finance Minister, Shaukat Aziz in a meeting on Tuesday afternoon.
They agreed that through Joint Economic Commission, which provides an institutionalized arrangement, the two countries could cooperate with each other in trade, aviation links, customs agreement, banks, convening of single-country exhibition to promote trade and investment and joint ventures in livestock, dairy, textiles, agriculture, information technology and science and technology.
Pakistan offered assistance in financial sector, particularly banking, development of textiles and micro-financing. Similarly, Pakistan could benefit from Azerbaijan’s experience in energy and development of petroleum sector.
Pakistan, it was noted, had also agreed to establish a subsidiary branch of National Bank of Pakistan in Baku.
The two sides reviewed bilateral relations and expressed satisfaction over shared perception on a number of regional and international issues.
Pakistan Finance Minister said that the government has introduced a number of structural and administrative reforms in the financial, petroleum, insurance, banking, agriculture and other sectors.
These reforms have resulted in accumulating gross foreign exchange reserves of over $7.5 billion, inflation has been contained to 3.5 per cent and GDP growth is expected to be around 4.5 per cent.