CPEC's Gwadar Port may emerge as key trade hub for Pak Azerbaijan as both explore deeper ties

Islamabad, Feb 24 (PTI) Gwadar Port, a key project of the China-Pakistan Economic Corridor (CPEC), could emerge as a key trade hub for Pakistan and Azerbaijan as the two countries explore deeper connectivity and infrastructure collaboration, according to a media report on Monday.
     Pakistan and Azerbaijan on Monday decided to enhance the scope of bilateral investment up to USD 2 billion in areas of mutual beneficial projects during talks between Prime Minister Shehbaz Sharif and Azerbaijan President  Ilham Aliyev at Baku, Radio Pakistan reported.
     Speaking at a joint press conference, Sharif said the cordial relationship between Islamabad and Baku should be expanded to include economic cooperation.
     He endorsed President Aliyev’s proposal for an international infrastructure corridor, saying it is the need of the hour and emphasised that Gwadar Port could play a transformative role in facilitating regional imports and exports.
     The Gwadar Port, situated on the Arabian Sea, is a deep-water port in Pakistan's Balochistan province that forms a crucial part of the China-Pakistan Economic Corridor (CPEC).
     Sharif also emphasised enhancing defence ties between Pakistan and Azerbaijan, asserting that the commitment to initiate joint manufacturing of defence equipment will have far reaching impacts.
     President Aliyev said the two sides discussed bilateral, regional and international issues.
     “We reconfirmed the strategic importance of our cooperation between the government and people to people level,” he said, adding that his country continues to support each other on all international issues, sovereignty and territorial integrity.
     He said the two sides also discussed enhancing trade volumes, which both leaders acknowledged as being far below potential. They agreed to finalise agreements on connectivity, energy, and mining within a month, with a focus on increasing bilateral trade turnover.
     “We discussed finalising all the agreements regarding international connectivity, energy, economy and mining sectors within one month. We signed 10 MoUs which will create a good framework for future cooperation,” he said.
     The president reaffirmed Azerbaijan's interest in acquiring more Pakistani defence equipment.
     The Express Tribune reported that Pakistan and Azerbaijan signed multiple agreements to strengthen cooperation in trade, energy, tourism, education, and other key sectors during Prime Minister Sharif’s visit to Baku.
     One of the key agreements includes an MoU between Azerbaijan’s State Oil Company (SOCAR) and Pakistan’s Frontier Works Organization (FWO) and Pakistan State Oil (PSO) for collaboration on the Machike-Thallian-Tarujabba White Oil Pipeline Project.
     Additionally, SOCAR signed separate MoUs with Pakistan Refinery Limited (PRL) and PSO to boost energy cooperation, including the sale and purchase of LNG cargoes and petroleum products.
     Another agreement was signed to amend the existing framework for LNG trade between both nations, allowing Pakistan LNG Limited to strengthen its energy supply chain through Azerbaijani resources.
     In a move to foster cultural and economic ties, the foreign ministers of both countries exchanged an MoU establishing cooperation between Nakhchivan, an autonomous city in Azerbaijan, and Lahore.

(This story has not been edited by THE WEEK and is auto-generated from PTI)