New Trade Agreement Allows Azerbaijani Cargo Vehicles Access to Pakistan
The Federal Board of Revenue (FBR) has recently made a significant decision that will impact trade relations between Azerbaijan and Pakistan. Under the Azerbaijan-Pakistan Transit Trade Agreement 2024, Azerbaijani cargo vehicles have been granted permission to enter Pakistan, marking a pivotal moment in bilateral cooperation.
A New Era of Trade Relations
The FBR issued a Statutory Regulatory Order (SRO) to formalize this agreement, aligning with the 2024 Transit Trade Rules. This development opens up new avenues for trade, particularly for cargo arriving through key ports such as Karachi Port, Port Muhammad Bin Qasim, and Gwadar Port. The customs processing procedures for transit trade cargo will now be conducted efficiently through designated ports, utilizing a computerized customs system to ensure smooth operations.
Facilitating Seamless Trade
In a bid to facilitate trade activities, Azerbaijani-registered vehicles will now have unrestricted access to Pakistan without the burden of providing financial guarantees for duties and taxes. Moreover, all transport operators and customs clearing agents will need to establish a “rotating insurance guarantee PD account” with customs authorities to ensure compliance with regulations.
Promoting Efficiency and Collaboration
Under the new regulations, the Directorate General of Reforms and Automation in Karachi will play a pivotal role in creating user IDs for various stakeholders, including traders, government organizations, the United Nations, and diplomatic missions. This digitized process will streamline administrative tasks and enhance transparency in trade operations between the two nations.
This new trade agreement signifies a significant step towards fostering stronger ties between Azerbaijan and Pakistan, with the aim of boosting trade activities and improving the movement of goods across borders. The cooperation between these two countries holds immense potential for economic growth and mutual benefits in the long term.
