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Yasmin Qureshi assures to play role for improving Pakistan-UK trade ties

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Islamabad, NOV 23 /DNA/ – Yasmin Qureshi, Member, UK Parliament assured that she would play a role to further improve bilateral trade and economic ties between Pakistan and UK. She said that Pakistan has great potential for business and investment, which should be properly projected to attract the attention of foreign investors. She said that a lot of construction projects are going on in Pakistan, which shows its economic potential and added that a stable Pakistan would attract more investment. She said this while addressing the business community during her visit to Islamabad Chamber of Commerce & Industry (ICCI). Raja Najabat Hussain, Founding Chairman, Jammu & Kashmir Self-Determination Movement also accompanied her on the occasion.

Yasmin Qureshi said that Pakistani entrepreneurs should take advantage of the latest technology and machinery to control the wastage of food and fruits in order to improve their exports. She said that Pakistan’s economy has suffered great losses due to being a frontline state against the war on terrorism and added that the security situation in Pakistan is now much better that is important for the growth of business and economic activities. She said that the UK has cut overseas aid and is now providing aid for capacity building that can be beneficial for Pakistan. She stressed that the business community should play a role for promoting education in youth that would also provide an educated and skilled workforce to the business and industry. She assured that she would continue to play a role in promoting the business interests of Pakistan in the UK.  

Speaking at the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry lauded the services of Yasmin Qureshi as MP in UK Parliament. He said that UK’s annual imports are over £200 billion and exports over £180 billion, but Pakistan-UK bilateral trade up to the 2nd quarter of 2022 was just around £3.5 billion, which is far less than the actual potential of both countries. He said that as a member of All-Party Parliamentary Group on Britain-Pakistan Trade and Tourism, Yasmin Qureshi should cooperate in promoting collaboration between Pakistan and UK in trade, tourism, investment and other sectors. He said that ICCI would try to form a delegation for the UK and hoped that Yasmin Qureshi would help in connecting it with right partners in the UK. He said that many sectors of Pakistan’s economy are offering great opportunities for joint ventures and investment and emphasized that more UK companies including the Pakistani diaspora should be motivated to take benefit of them by doing business in Pakistan.  

Faad Waheed Senior Vice President, Muhammad Azhar ul Islam Vice President ICCI, Raja Najabat Hussain, Founding Chairman, Jammu & Kashmir Self-Determination Movement, Khalid Iqbal Malik Group Leader, Zafar Bakhtawari, Zubair Ahmed Malik, Muhammad Ejaz Abbasi, Mian Shaukat Masud and others also spoke at the occasion and shared useful ideas for further enhancing bilateral trade and economic relations between Pakistan and UK. 

Public Borrowing in Islam

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Dr. AbdusSattarAbbasi

Demise of Dr. Muhammad NejatullahSiddiqi saddened Muslims from around the world particularly those who are trying to explore modern-day implications of Islamic finance and economics. A few decades ago it was generally accepted that there is probably no alternative to current banking and finance to comply with Shariah principles. However, dedication and hard work of likes of Dr. Siddiqi opened the door to think creatively to find solutions for economic and financial systems to meet Shariah requirements. On banking front there is significant progress in the Muslim world from processes and procedures to product development and investments. Islamic banks in Pakistan have emerged from niche to the mainstream now being rated with their conventional counterparts while securing top slots in the ranking which is the outcome of intellectual contributions of such scholars.

It is clearly evident that lack of scholarliness in most of the contemporary disciplines led to the decline of Islamic civilization leaving current generations into complete confusion that how one can adhere to Shariah principles in advance and sophisticated subjects. There are several factors to blame for the departure of Muslim societies from scientific developments including overall lethargy to probably religious taboos which restricted progress of aspiring scholars. However, in economics and finance every endeavor is driven by the motivation to eliminate the curse of usury from the society. Despite significant progress on banking side there is a lot to do to streamline public finance according to Shariah principles which is responsible to manage country’s revenue, expenditures and debt load through various means. Today, tax collection, budget, expenditure, deficit/ surplus, and national debt collectively shape overall structure of public finance. But tracing practices of public finance particularly public borrowing back to more than fourteen hundred years of Islamic history remains a daunting task which Dr. Siddiqi attempted and brought forth some important instances from early Islamic history to consider for recent needs of public borrowing.

He raised questions such as; did the Islamic state in the past borrow? If so, why and on what terms? Were there any alternatives to borrowing?Dr. Siddiqi argued, “With these and related questions one can explore the historical records of the many governments, spanning vast regions of the globe over the long period of fourteen hundred years.Yet another problem is the Islamic authenticity of what the Muslim rulers have been doing all these centuries in all these regions. Authenticity naturallybelongs to the decisions and actions of the Prophet (PBUH). The consensus of the community hasextended this authenticity to the period of the four pious Caliphs”. But the problem is that during the reign of four pious Caliphs there wasn’t any need for public borrowing because revenues from zakah, ushr, fai, khiraj as well as spoils of war were steadily rising throughout the period which were sufficient to meet all public expenditures.

Nevertheless, we can find a few instances of public borrowing from the life of Prophet (PBUH) in the difficult early years in Medina. According to Dr. Saddiqi, “Prophet (PBUH) borrowed as the leader of all Muslims and the head of the state he established at Medina. It is not at all difficult to distinguish between the Prophet’s personal borrowing and his borrowing for public purposes since the texts themselves facilitate such a distinction.”

According to Hazrat Bilal (R.A.), “It was the practice of Prophet (PBUH) that when a man came to him as a Muslim and he saw him in need of clothes he would order me and I would go and borrow and buy a cloak for him, clothe him and feed him. When there are resources available, the Prophet (PBUH) told me `cheer up, Allah has sent what you can pay back your loan with!”.

In another instance, Hazrat Abu Saeed al-Khudhri (R.A) reported that a Bedouin came to the Prophet (PBUH) asking for repayment of a debt owed by him.Hesent a message to Khawla, daughter of Qais, that if she had some dates she should lend it to him till his own dates arrived out of which he could pay back to her.Inthis case the lender was a Muslim. The second lender whose lending made possible the repayment to the first lender was also a Muslim.

Prophet (PBUH) once said to Safwan bin Umayya“O Abu Umayyalend us your weapons so that we can face our enemy tomorrow with their help”. Safwn asked, `O Muhammad do you want to confiscate them?” He said, ‘No I want them temporarily with their return guaranteed till we bring them to you.’ He said, there is no harm in (doing) this. So he gave him one hundred coats of arms with the accompanying weapons.”

It is important to ponder on an interesting incidence reported byAbu Rafi’ (R.A.)that the Prophet (PBUH) borrowed a small camel from a man. Then some camels from out of those collected as zakah came to him and he asked Abu Rafi’ to pay back the man the camel (owed to him). Abu Rafi’ came back and said he could find only better camels (older in age) who had their four teeth grown. He (the Prophet PBUH) said, ‘give it to him. The best among people are those who are good at paying back’.

From cases such as above, Dr. Siddiqiconcluded, “Borrowing, when there is a need, is a legitimate activity even if it is from non-Muslims. Fulfilling needs is one genuine reason justifying borrowing, while defense is another. While early history does not present any record of borrowing for financing economic development, it does provide an indirect justification of the same in an age in which economic development has become a sine qua non for need fulfillment as well as for defense.State must repay what it borrows even it doing so necessitates further borrowing.” I slightly disagree with Dr. Siddiqi’s one of the conclusions that since the lender receives no worldly return, public borrowing presumes the lender being motivated by moral and religious consideration to extend qard-e-hassan. During contemporary times qard-e-hassan may not be able to finance huge economic activities. Second, now there are several instruments for Shariah compliant public borrowing.

He also traced instances from fourth century of Islam when governments borrowed on suftajah, a kind of letter of credit and even interest bearing loans which referred to as gross mismanagement of the financial affairs of an otherwise prosperous regime as well as the compulsions of circumstances created by the maintenance of a large force of mercenaries in the capital cities; but determining Shariah compliance of such borrowings needs further research. However, work of Dr. Siddiqi will continue to serve as a guideline for future researchers in the field of public finance particularly for those who are exploring options for Shariah compliant public borrowing. May Almighty (SWT) rest his soul in eternal peace!

Dr. AbdusSattarAbbasi

Associate Professor Management Sciences

Head, Center of Islamic Finance

COMSATS University (CUI) Lahore Campus

[email protected]

Tweets @drabdussattar

Chinese Economic Diplomacy in 21st Century

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Engr. Qaiser Nawab

Traveling from Shanghai to Beijing in an economy class from medium speed China rail services was my intentional decision to meet the common Chinese people and to know their perception regarding Chinese developmental expansion around the globe. I and my traveling colleague were the only two foreigners in the economy class cabin. Throughout the trip, I observed one thing that common Chinese people want to know about the world.  BRI is an opportunity to integrate Chinese to other parts of the world. I came across the famous statement in China, “China is a sleeping giant. Let her lie and sleep; for when she awakens, she will astonish the world.” Traveling inside China and other parts of the world, I came to know that China has a huge potential of integrating the global order due to its acceptability of diversity and plurality.

In the 21st century, the world saw the awakening of the sleeping giant and building its significance in the international system through its economic success, military modernization, and soft power influence. From a nascent consumer market to the most influential economy, China is ranked among the most major and powerful economies in the world. With its long-term strategic measures to modernize its society, China has successfully transformed into a high-tech industry economy and become a nation of global influence. The economic policies and goals to boost domestic consumption, accelerate technological development, and lure global investment have made China a dominant power in the global economy.

The Asian giant’s military might have also been expanding at an astounding pace and scope. Since the 1990s, the military strategy of China has focused more on fighting and winning a high-tech war against a modern foe rather than waging a people’s war. China has been modernizing its military forces by putting great stress on the significance of maritime security, cyber operations, offensive operations, and mobility operations, to strategically dominate contemporary warfare. The increasing size of China’s military and economy is indicative of the trend that she is now emerging as a new superpower, or rather, has already emerged as a global superpower.

In the age of global information, success not only depends on whose military wins but also on whose narrative wins. Therefore, the practice of “soft power” works as an attractive policy option to win the hearts of global nations. China’s traditional culture has always been appealing, but now it is entering the realm of popular culture around the world. The foreign policy of China has also shifted from one of internal development to one of external influence, not only economically but also militarily, diplomatically, and normatively, most notably through a systematic discourse and smart power strategy.

China is efficiently portraying its soft image by investing heavily in its domestic infrastructure and, subsequently, in global infrastructure as well. China’s worldwide infrastructure development project known as the “Belt and Road Initiative (BRI)” has tremendously boosted trade, encouraged economic growth, and enhanced regional integration. From being a simple regional project to connect Asia, Africa, and Europe, via land and sea networks, BRI has become entirely global and extended into every field imaginable, including infrastructure, culture, finance, people-to-people interactions, education, and interstate politics. BRI has largely been successful not in terms of concrete projects only but in ways that have helped China strengthen its diplomatic and economic ties with 140 partner nations and position itself as the champion of globalization, leading to a new world order where it would be the potential hegemon.

Since the rise of China, its broader and integrative geo-economic agenda is seeking to enhance its reach into distant markets and trade enterprises. The mega project of the Belt and Road Initiative is an expression of China’s geo-economic strategy that is embedded in the historical trends of globalization and the neoliberal order. In the international political landscape, geo-economic, strategic, and geopolitical areas are deeply intertwined due to the complex multi-layered foundation of international political realities. Unprecedented developments such as BRI are not without certain areas of opportunities as well as challenges.

Through its Belt and Road Initiative, China has intended to achieve mutual progress, shared prosperity, and win-win cooperation throughout the region with the goal of fostering infrastructure development and socioeconomic uplift. The country has also been assisting the BRI partner nations to accelerate technological advancement, fight extreme poverty, and achieve high-quality growth. The Chinese investment policies are also set to encourage the development of high technology in nations such as Pakistan.

China and Pakistan’s bilateral relations are in the historical milieu of cooperation, shared geo-political outlook, strategic partnership, and economic interdependence. The bilateral engagement has successfully evolved into concrete commitments and pragmatic considerations of interests and values. The entrenched commitments between the two neighboring states have developed further by prospects of consolidation as a consequence of Pakistan being an essential actor in BRI’s development.

The BRI initiative has brought forth many positive and long-lasting results for both China and Pakistan. Through the promotion of bilateral connectivity, logistics, construction projects, and economic and trade opportunities, the strategic project has been contributing to the improvement of people’s lives in both nations.

China has opened its doors to sharing high-tech technology with Pakistan. Furthermore, it has encouraged widespread cooperation in a variety of fields, including academia, research, government, industry, and the arts. Pakistan, on the other hand, is devoted to embracing the same technology and providing a stable environment for the development of projects that will promote the rejuvenation of the economy.

Although China’s Belt and Road Initiative has successfully depicted its softer image as a global and responsible force that seeks to assist the entire globe through economic development and foreign investment while enhancing its political capital and influence, the western ideology propagates the projects under BRI is expanded with China’s sole strategy to have an influence over the government of other countries and put a global footprint.

In an effort to counter Western propaganda, China must convey BRI’s open, green, and clean core strength to the regional and international mass media and get more sustainable achievements with high construction standards among all member nations. Strategically speaking, BRI is representative of a new era of Chinese economic diplomacy and promotes a network of Free Trade Areas (FTAs) and other forms of economic cooperation among its member nations, which will serve to increase regional cooperation and mark the rise of China in the world.

Engr. Qaiser Nawab currently serving at Commission on Science and Technology for Sustainable Development in the South – COMSATS, is an international expert on Belt and Road Initiative (BRI). He can be reached at [email protected]

AKRSP commemorates 40 years of community service

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DNA

Chitral, 22: The Aga Khan Rural Support Programme (AKRSP) is commemorating 40 years of empowering communities in Gilgit-Baltistan and Chitral. The inaugural ceremony of the three-day event in Chitral under the theme ‘Celebrating 40 years of New Localism’ began by recognising the commendable services of community members.

A pictorial exhibition along with documentaries on AKRSP’s early evolution highlighted key achievements of AKRSP in major thematic areas, including climate resilience, civil society, agriculture and food security,early childhood development (ECD),education, social organisations, natural resource management, community infrastructure development, credit and savings, enterprise promotion and women economic empowerment. Around 27 stalls showcased the work of local artisans and micro-enterprises including traditional dresses, herbal products, gemstones, musical instruments, food items, and dry fruits.

The event’s chief guest Mr. Anwar ul Haq, Deputy Commissioner, Lower Chitral acknowledged that “AKRSP is the only non-governmental organisation working more than any other organisation in the region. The AKRSP model is sustainable and pro-people.” He felicitated AKRSP for completing 40 years, and applauded AKRSP’s role in building resilient communities in Gilgit-Baltistan and Chitral.

AKRSP’s development approach is based on the belief that local communities have tremendous potential to plan and manage their own development, once they are organized and provided access to necessary skills and capital. Since its inception, AKRSP has trained over 126,000 women and men in different technical and vocational fields, completed 4,706 community infrastructure projects benefiting more than 380,000 households, and planted tens of millions of trees. It has helped establish and mobilise 5,249 Village and Women’s Organisations representing more than 78% of the households in Gilgit-Baltistan and Chitral. These organisations have saved more than PKR 500 million, and disbursed PKR 2 billion as loans.

Mr. Jamil ud Din, General Manager, AKRSP, highlighted that AKRSP’s 40 years of community service would not have been effective without the continuous support of the local communities. He applauded the role of local communities in empowering themselves through organisation, skill-building,and savings – the three fundamental principles taught by AKRSP.

AKRSP’s former board members, community members, poets, writers, and other dignitaries also expressed their views at the inaugural event and appreciated AKRSP’s efforts in the development of Chitral.

Vital Aid leaves UK for Pakistan

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Virgin Atlantic joins hands with Bestway Group to deliver medicines to the victims of humanitarian crisis

DNA

ISLAMABAD: Over 20 tonnes of vital medicines, has left the UK heading for Pakistan where it will be distributed to victims of the recent flooding disaster and resulting humanitarian disaster.

The medicines, donated by Bestway Groupis being flown to Islamabad by Virgin Atlantic Cargo who is transporting the medication. 

The medicines will be landing on the ground tomorrow (24.11.22), to help the 3.2million people who have lost their homes and livelihoods and been displaced by the flooding which left more than a third of the country under water, and damaged more than 4million acres of crops.  Ongoing heavy rains are continuing to complicate rescue and recovery efforts and disease has been widespread as the humanitarian disaster increases.

Bestway Group is one of the largest privately owned businesses in the UK and the leading overseas investor in Pakistan. Haider Choudrey, Chief Financial Officer of Bestway Group, says:

“Our teams are on the ground in Pakistan and are seeing first-hand how desperately these medicines are needed to help combat disease that has taken hold where fresh water supplies have been destroyed and families have lost their homes along with everything they own. 

“We would like to thank the team at Virgin Atlantic Cargo who has helped us make this happen and are transporting what is a sizeable cargo of medicines out to where it is needed the most”.

Virgin Atlantic Cargo is one of the leading players in the global cargo industry and played a vital role in the airline’s survival following the Covid-19 pandemic, keeping global supply chains running and transporting essential goods around the world. On 21st March 2020, the first ever cargo only flight in Virgin Atlantic’s history took to the skies and over the next 12 months, the airline’s cargo business went from strength to strength operating over 5,000 cargo-only sectors, launching 12 new routes as well as carrying over 8.5 million kilos of PPE and essential equipment for the NHS.

Now, the airline’s essential assistance will facilitate the delivery of the much-needed aid to the most vulnerable with the onset of the winter season in Pakistan.

Virgin Atlanticdedicated special climate control vehicles for the collection and delivery of the medicines to its cargo handling facility at London Heathrow.

PM Office receives summary of COAS, CJCSC appointments

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ISLAMABAD: The Prime Minister’s Office Wednesday morning confirmed receiving a summary for the appointment of the army’s top posts from the Ministry of Defence.

In a statement, the PM’s Office said it had received the summary with a panel of names for the appointment of chairman joint chiefs of staff committee and the chief of the army staff.

“Prime Minister [Shehbaz Sharif] will take a decision on the appointments as per the laid down procedure,” the brief statement read, after there were speculations overnight.

Government officials, including Defence Minister Khawaja Asif and Information Minister Marriyum Aurangzeb, continued to reject late-night reports that the PMO had received the summary.

The picture was cleared only after Inter-Services Public Relations (ISPR) issued a statement confirming the development late last night.

“GHQ has forwarded the summary for selection of CJCSC and COAS, containing names of 6 senior most Lt Gens, to MoD,” said the ISPR in its tweet. After an hour of the ISPR’s tweet, the defence minister also confirmed that the PM’s Office had received the summary.

Earlier, sources had told The News that the summary contains the names of Lt Gen Asim Munir, Lieutenant General Sahir Shamshad Mirza, Lieutenant General Azhar Abbas, Lieutenant General Nauman Mehmood, Lieutenant General Faiz Hamid and Lieutenant General Mohammad Amir as candidates for the army chief and chairman joint chiefs of staff committee posts, said the well-placed sources.

Bushra Rehman, Malik Sohail visit SCCI

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DNA

ISLAMABAD, NOV 23: Madam Bushra Rehman President & Malik Sohail Hussain Secretary General Pakistan-Western Canada Trade Association PWCTA visited Sialkot Chamber of Commerce and Industry and had a great and successful meeting with President Sialkot chamber of commerce and Industry, Abdul Ghafoor Malik & Acting President Sialkot Women Chamber Mrs Waqas Malik Awan and members of Sialkot Chamber.-DNA

Pak Army determined to eliminate the menace of terrorism

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DNA

Rawalpindi: On 22 Nov Fire exchange took place between own troops and terrorists, in general area Sararogha, South Waziristan District.
Own troops effectively engaged the terrorist’s location. During intense exchange of fire, Havaldar Umer Hayat (age 39 years, resident of Lachi, Kohat) having fought gallantly, embraced Shahadat.
Sanitization of the area is being carried out to eliminate any terrorists found in the area.
Pakistan Army is determined to eliminate the menace of terrorism and such sacrifices of our brave soldiers further strengthen our resolve.

The ‘key appointment’ and deepening economic crisis

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Comment

Ansar M Bhatti

Comment

Ansar M Bhatti

While everybody seems obsessed with the key appointment of the army chief, the country continues to slide towards economic crises that are getting deeper and deeper with the each passing day. Inflation has crossed 30 per cent mark while foreign exchange reserves have squeezed to all time low. Out of total $ eight billion reserves, half of them belong to friendly countries, which means if things does not go well as per the wishes of these friendly countries, including the ‘ key appointment’ Pakistan’s foreign reserves may witness a deadly blow.

 Probably that is the reasons the key appointment got delayed. This is perhaps for the first time that this appointment has become center of attraction for all and sundry. Even the foreign diplomats based in Pakistan are seen so much curious about who is going to be the next chief of the army staff.

The situation ostensibly does not augur well in terms of reputation and credibility of the armed forces of Pakistan. Given the fact that Pakistan Army happens to be the most organized and disciplined force, people expect smooth transition of power. It is therefore hoped that once this process is completed the institution would carry out a thorough and inclusive soul searching drill in order to avoid such situations in future.

As regards the present imbroglio, the Prime Minister on Monday sent a letter to the Defence Ministry seeking a list of candidates for the post of the army chief. The Defence Ministry then forwarded that letter to the General Headquarters (GHQ). As reports suggest the prime minister received the summary from the Defence Ministry on Tuesday night. The summary includes names of six senior most candidates including Lt. Gen Asim Munir, Lt. Gen Sahir Shamshad,  Lt. Gen Azhar Abbas, Lt. Gen Nauman, Lt. Gen Faiz Hameed and Lt. Gen Amir.

While the summary has already landed at the PM office, conspiracy theories that the GHQ may not send the summary before Nov 27 have subsided.  Since the summary also includes name of Lt. Gen Asim Munir so legal experts are of the view that in order to appoint him as army chief the government has to first extend his term, which is expiring on November 22. There is yet another view that the government does not need to do so.

It may also be mentioned here that the government was not bound to make its decision on the basis of the summary. The prime minister could do it even if there was no summary but there was no such precedent before therefore probably the government wanted to avoid that situation and waited for the summary to arrive before making any decision.

There is a general perception that those generals who have a longer tenure of service left and qualify to be the army chief should be given priority. The three other strong contenders Lt General Sahir Shamshad, Lt General Azhar Abbas and Lt. Gen Nauman will otherwise retire next year. It is also a possibility that if they are not considered for this post then they might call it a day, as per the previous practice.

In the backdrop of these developments, Imran Khan’s announcement to reach Rawalpindi on November 26 carries significance. He certainly has a tip off about what would happen during this week. Since the government has made up its mind whom it intends to appoint as army chief therefore its (govt) desperation to get the summary sooner rather than later was quite understandable.

The role of the President is also being discussed when it comes to the appointment of the army chief. The prime minister after making his decision will send the advice to the President, under Article 48 of the Constitution has the prerogative to return the summary to the prime minister for a review. If the prime minister re-sends the same summary then it becomes binding on the president to approve it.

Summing up, it is in the interest of Pakistan that the stakeholders are able to develop a consensus on this issue. The country, as mentioned earlier, cannot afford to have any further instability. Economy is indeed in a bad shape thus taking a heavy toll on the hapless people. To make their both ends meet appears to be a daunting challenge for the majority of people. Pakistan has literally become a laughing stock in the eyes of many, especially our adversaries.

 The situation therefore demands better sense to prevail. The leading political parties’ i.e PTI and PML N need to rise to the occasion. They have to shelve their personal liking and disliking for the greater interest of Pakistan. They must keep in mind that they would not get anything if things go out of control and non-political forces are left with no option but to make an immediate intervention. 

Azerbaijan exempts Pak rice from customs duty

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DNA

BAKU: Rice imported from the Islamic Republic of Pakistan to Azerbaijan is exempted from a 15 percent import customs duty, Azerbaijani media reported on Tuesday.

The Cabinet of Ministers adopted the relevant decision in this regard. Rice from the Islamic Republic of Pakistan with the same origin is exempted from import customs duty until December 31, 2027.

Both Pakistan and Azerbaijan enjoy excellent brotherly relations. Both countries support each other on various regional as well international forums.

Ambassador of Azerbaijan to Pakistan Khazar Farhadov in his Tweet termed the decision very important. He said  it would give considerable boost to trade and economic activity between the  two countries. 

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