PM forms committee to expedite agreements with Azerbaijan

ISLAMABAD: On Tuesday, Prime Minister Shehbaz Sharif convened a committee tasked with ensuring the swift realisation of the memoranda of understanding (MoUs) and agreements established with Azerbaijan during his recent diplomatic visit to the nation.

During Prime Minister Sharif’s trip to Azerbaijan the previous week, both Pakistan and Azerbaijan successfully concluded discussions surrounding a $2 billion investment from Baku into Pakistan, along with initiatives aimed at amplifying bilateral trade volume and fostering collaboration in defence production.

The committee, presided over by Foreign Minister Ishaq Dar, will concentrate on drafting agreements pertinent to the energy and infrastructure sectors, as stated in the communiqué released by the Prime Minister’s Office (PMO).

The decision to establish this panel was reached during a meeting led by the Prime Minister, intended to evaluate the status of the agreements forged with Azerbaijan.

He directed relevant authorities to formulate an action plan aimed at elevating trade volume with Azerbaijan to $2 billion and to ensure that all necessary preparations are expediently completed in anticipation of Azerbaijan’s President Ilham Aliyev’s visit to Pakistan in April.

Azerbaijan-Pakistan Business Forum witnesses $2.5m MoU Signing to bolster bilateral trade

During Sharif’s visit to Azerbaijan, President Aliyev committed to traveling to Islamabad in April to formalize the $2 billion investment agreements concerning Pakistan.

The announcement underscored Sharif’s insistence on appointing trade officers in Azerbaijan and in other nations possessing significant trade potential with Pakistan.

This initiative highlights the robust ties between Pakistan and Azerbaijan, as well as the government’s endeavours to exploit trade and investment opportunities within Central Asian states.

The meeting revealed that 83 Pakistani and 101 Azerbaijani firms participated in the Pakistan-Azerbaijan Business Forum held in Baku, which the Prime Minister attended during his visit last week.

Thirteen MoUs and agreements were ratified during the trip to bolster bilateral cooperation, including accords associated with oil involving Pakistan State Oil Company Ltd (PSO) and the State Oil Company of Azerbaijan Republic (SOCAR), alongside an amended agreement for the sale and purchase of liquefied natural gas (LNG) cargoes within the overarching LNG sale and purchase framework.