Commerce minister concerned over declining trade volume with Azerbaijan

09:36 PM | 11 May, 2018
Commerce minister concerned over declining trade volume with Azerbaijan
ISLAMABAD - Minister for Commerce Muhammad Pervaiz Malik on Thursday expressed his concerns over declining volume of bilateral trade with Azerbaijan saying the bilateral trade was not a true reflection of the great potential of trade between the two countries which had declined from the $58.26 million in 2015-16 to $26.88 million in 2016-17.

He was talking to the ambassador of Azerbaijan in Pakistan, Ali Alizada in Islamabad.

He said in order to enhance and diversify trade with Azerbaijan, Ministry of Commerce had prepared a draft memorandum of understanding (MoU) on five-year trade cooperation plan that had been shared with the Ministry of Foreign Affairs for onward transmission to the relevant authorities of Azerbaijan for their comments, however response from Azerbaijan side is awaited.

The minister stressed the need to take concerted efforts from both sides to increase the trade volume and economic cooperation.

“The decrease in Pakistan’s exports to Azerbaijan in 2016-17 is mainly due to decline in export of rice to Azerbaijan from $45 million to $21.1 million”, he added.

Ambassador of Azerbaijan in Pakistan, Ali Alizada said that Pakistan is a lucrative market for investors from Azerbaijan and they are keenly interested in investment.

He also agreed with the minister’s proposal for increased interaction and institutional arrangements to discuss trade-related issues and identify areas of interest to boost bilateral trade and cooperation.

The writer is a staff member. He has been affiliated with Pakistan's leading English newspapers and worked as News Producer at FM 107.4. Death (as...he is a station, and death is a longest journey from seen to unseen world), Rain, and winter's Full Moon 'Jarray ki Chandani' always fascinate him too much.


Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91


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