Pak-Azer­bai­jan agree to en­hance bi­lat­eral trade

Pakistan Observer - - ECONOMY WATCH -

ISLAMABAD—The two-day 6th Ses­sion of Azer­bai­jan-Pak­istan Joint Com­mis­sion at Gov­ern­men­tal Com­mis­sion level con­cluded here on Thurs­day which agreed to fur­ther en­hance bi­lat­eral trade re­la­tions. The Ses­sion was chaired by Shahid Khaqan Ab­basi, Min­is­ter for Petroleum and Nat­u­ral Re­sources and Yavar Ja­malov, Min­is­ter for De­fence In­dus­try, Repub­lic of Azer­bai­jan led Azer­bai­jan side. Dur­ing the two days of the Ses­sion, de­tailed meet­ings were held be­tween the ex­perts of the two sides on a num­ber of is­sues, es­pe­cially fo­cussing on Trade and Com­merce, Energy, Agri­cul­ture, Ed­u­ca­tion, Sci­ence and Tech­nol­ogy and other mat­ters of mu­tual in­ter­est.

Dur­ing the clos­ing ses­sion, Pro­to­col of the Ses­sion was signed by both Co-chairs. Dur­ing his stay in Pak­istan, Yavar Ja­malov, Min­is­ter for De­fence In­dus­try, Repub­lic of Azer­bai­jan called-on Pres­i­dent as well as Prime Min­is­ter of Pak­istan. He also held meet­ings with the Min­is­ter for De­fence Pro­duc­tion on is­sues of bi­lat­eral in­ter­est. High­light­ing ma­jor de­ci­sions taken dur­ing the meet­ings of the 6th Ses­sion of Pak­istanAzer­bai­jan Joint Min­is­te­rial Com­mis­sion, a state­ment of the Min­istry of Fi­nance is­sued here said that both sides de­cided to en­hance busi­ness to busi­ness con­tacts through the Joint Busi­ness Coun­cil sched­uled later this year.

The Min­istry of Petroleum and Nat­u­ral Re­sources of Pak­istan and the Min­istry of Energy of the Azer­bai­jan have agreed for sign­ing of In­ter Gov­ern­men­tal Agree­ment (IGA) which will aim at co­op­er­a­tion in the sup­ply of crudes, re­fined oil prod­ucts, LPG and LNG as well as at­trac­tion of in­vest­ments into energy sec­tors, in­clud­ing the rel­e­vant in­fras­truc­ture and stor­age within and out­side Pak­istan. Bothe the sides also agreed on fa­cil­i­tat­ing ne­go­ti­a­tions and sub­se­quent sign­ing of MoU be­tween State Oil Com­pany of the Repub­lic of Azer­bai­jan (SOCAR) and Pak­istan State Oil Com­pany (PSO) and/or other nom­i­nated en­tity of Gov­ern­ment of Pak­istan un­der the In­ter Gov­ern­men­tal Agree­ment (IGA) aimed at trad­ing of crudes, re­fined oil prod­ucts, LNG and Liq­ue­fied Petroleum Gas (LPG) as well as joint devel­op­ment of new fa­cil­i­ties for their im­port.

SOCAR would ex­e­cute the ac­tiv­i­ties here­un­der through SOCAR Trad­ing S.A., which is SOCAR’s wholly owned af­fil­i­ate. It was also agreed to sign “Agree­ment be­tween the Gov­ern­ment of Azer­bai­jan and the Gov­ern­ment of Pak­istan on Co­op­er­a­tion in the Field of Energy” af­ter the com­ple­tion of all nec­es­sary na­tional le­gal pro­ce­dures. The Par­ties agreed to ex­plore the pos­si­bil­i­ties of co­op­er­a­tion be­tween Min­istry of Energy of Azer­bai­jan and the Min­istry of Water & Power of the Pak­istan on the sup­ply of elec­tric­ity from Azer­bai­jan to Pak­istan un­der the In­ter Gov­ern­men­tal Agree­ment (IGA). The two Sides fur­ther agreed to es­tab­lish and en­hance De­fence In­dus­trial co­op­er­a­tion.—APP

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