Trade between Baku and Islamabad may reach $2 billion by 2030, expert says
29.10.2024 12:00
The signing of an agreement aimed at increasing trade between Pakistan and Azerbaijan to $2 billion annually could have profound implications for Pakistan's economy, political expert from Pakistan Basim Raza said.
He said currently, bilateral trade has shown steady growth.
"Scaling up to $2 billion would signify a substantial economic boost, diversifying Pakistan's trade portfolio and potentially reducing reliance on traditional markets," he said.
Raza noted that achieving this target would depend on sustained efforts in trade facilitation, favorable economic policies, and improvements in infrastructure to support increased trade volumes.
"Realistically, reaching $2 billion could be a long-term goal spanning several years, but as per the recent boost in trade volume, we can expect the goal to be achieved before 2030," he said.
The expert also noted that Pakistan faces a rising demand for LNG due to declining domestic gas production and increasing industrial and residential needs.
"By 2030, the country's LNG demand is projected to reach 3,828 million cubic feet per day (MMCFD). Currently, Pakistan covers its LNG requirements through imports, which escalated to 1,070 MMCFD in 2021. Azerbaijan, with its own LNG export capabilities, could potentially contribute to Pakistan's energy security strategy," he said.
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He said currently, bilateral trade has shown steady growth.
"Scaling up to $2 billion would signify a substantial economic boost, diversifying Pakistan's trade portfolio and potentially reducing reliance on traditional markets," he said.
Raza noted that achieving this target would depend on sustained efforts in trade facilitation, favorable economic policies, and improvements in infrastructure to support increased trade volumes.
"Realistically, reaching $2 billion could be a long-term goal spanning several years, but as per the recent boost in trade volume, we can expect the goal to be achieved before 2030," he said.
The expert also noted that Pakistan faces a rising demand for LNG due to declining domestic gas production and increasing industrial and residential needs.
"By 2030, the country's LNG demand is projected to reach 3,828 million cubic feet per day (MMCFD). Currently, Pakistan covers its LNG requirements through imports, which escalated to 1,070 MMCFD in 2021. Azerbaijan, with its own LNG export capabilities, could potentially contribute to Pakistan's energy security strategy," he said.
www.anews.az
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