Minister: Pakistan and Azerbaijan have great potential in developing economic cooperation

Pakistan and Azerbaijan have great potential in developing economic cooperation, Sardar Ayaz Sadiq, Federal Minister for Economic Affairs of Pakistan, said.

The minister is attending the Summit-level Meeting of the Non-Aligned Movement Contact Group in response to COVID-19 in Baku.

He noted the three-fold increase in trade turnover between the countries over the past year.

The Pakistani minister added that oil and gas are the main area of cooperation.

He also recalled that Azerbaijan has provided special customs conditions for Pakistan when exporting rice.

In November last year, the Cabinet of Ministers of Azerbaijan exempted rice imports from Pakistan from a 15% customs duty.

The minister also noted the importance of holding today's summit in Baku, which will allow countries to consolidate efforts in eliminating the consequences of the pandemic.

"The proposals made by the President of Azerbaijan at NAM are very important and all members of the organization need to jointly discuss and support his initiatives," he said, adding that Pakistan will definitely support the initiatives put forward by Azerbaijan.