Azernews.Az

By Sara Rajabova

The removal of international sanctions against Iran will unveil new opportunities for economic development of countries in the region.

This also creates favorable opportunities for Azerbaijan in terms of increasing trade relations with the countries, with which the country does not have direct routes, including the South Asian countries.

After the sanctions against Iran are lifted, Azerbaijan will be able to export or import goods to or from these countries.

Sheikh Muhammad Arshad, president of London Chamber of Commerce & Industry said lifting economic sanctions against Iran in the future will certainly increase the volume of bilateral trade between Azerbaijan and Pakistan, the Customs Today news agency reported.

In a meeting with Azerbaijan’s Ambassador to Pakistan Dashgin Shikarov, Arshad said it can be assumed that Pakistan can easily transport goods via Iran to Azerbaijan which will be beneficial for two way trade.

Pakistan is one of the first countries that recognized Azerbaijan’s independence in 1991. Since then, Baku and Islamabad possess strong political ties and are the staunch allies within the international organizations.

The two friendly countries are also taking measures to raise the economic ties in a level of the political relations.

He further voiced regret that Pakistan does not figure prominently among the trading partners of Azerbaijan.

Arshad believes the main reason for such a low level of trade is lack of proper information about each other’s markets. He proposed that the commercial sections of the respective embassies should share market survey reports with their national chambers.

He said it is necessary to increase private to private contacts and bilateral trade.

Arshad went on to add that the ground realities favor trading of such products which are light in weight and costly in terms of value.

“Since the businessmen choose to get their shipments airlifted because of difficult and risky land routes, so, we need to identify more such items like sports goods, technical/medical apparatus, tobacco and precious stones etc.,” he said.

Arshad also noted that Azerbaijan is keen to strengthen trade and economic ties with Pakistan, saying that joint efforts from the business community of both sides can help tap huge potential exist in both countries.

He said bilateral trade between the two countries could be flourished through exchange of trade delegations and holding of single country exhibitions, inviting the Pakistani businessmen to participate in the exhibition and forum being planned for April 2016 in Azerbaijan and Pakistan.

The trade turnover between Azerbaijan and Pakistan in January-October 2015 amounted to $1.62 million, $1.37 million of which accounted for import from Pakistan, according to the State Customs Committee of Azerbaijan

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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