Ties with Azerbaijan | Editorial
The relationship between Pakistan and Azerbaijan holds great promise for both countries. As two nations with rich cultural heritages and strategically located in their respective regions, there is a significant opportunity to further enhance cooperation and deepen economic ties.
The recent agreement to enhance bilateral investment to the $2 billion mark — from the current $100 million — is a good start. The two countries have long been supportive of each other at the United Nations and other international forums due to their lack of bilateral conflicts and the unique similarity of their main international-level disputes — Kashmir and Nagorno-Karabakh — but actual trade has been insignificant, and increasing it has been low priority until very recently. Both nations must continue building on the relationship through diplomatic engagement, such as regular high-level visits and exchanges between leaders and officials.
As for trade and investment, both countries possess diverse economies with significant potential for trade complementarity. Pakistan can offer its expertise in textiles, agricultural products and pharmaceuticals, while Azerbaijan boasts a well-developed energy sector and a strong manufacturing base. By identifying key sectors for collaboration and facilitating trade delegations and business partnerships, Pakistan and Azerbaijan can unlock new opportunities for mutual economic growth.
Furthermore, strategic investments in infrastructure and transportation links can significantly bolster bilateral trade. While direct trade is restricted by distance and the lack of direct land or sea routes — most trade would have to be via road or rail through Iran, but direct air routes connect both countries, creating potential for tourism, and even some high-value goods to be traded. It is also important to leverage the existing institutional frameworks to address trade barriers and create conducive environments for businesses from both countries. By strengthening the legal and regulatory mechanisms governing trade and investment, Pakistan and Azerbaijan can provide greater certainty and confidence to entrepreneurs and investors seeking to engage in cross-border economic activities.
As we look ahead, there is immense potential for a robust partnership that not only benefits Pakistan and Azerbaijan, but also contributes to regional stability and prosperity. By fostering closer ties, expanding trade and embracing mutual cooperation, Pakistan and Azerbaijan can embark on a journey towards shared prosperity and a brighter future for their peoples.
Ties with Azerbaijan | Editorial
Source: https://tribune.com.pk/story/2479222/ties-with-azerbaijan