LAHORE: Following exemption announced by the Azerbaijan government on rice imports from Pakistan, the Rice Exporters Association of Pakistan (REAP) has initiated dialogues with the Azerbaijani importers to grab its share in the market of $33.93 million per annum.

Currently, India is the largest exporter to Azerbaijan having a 73% market share worth $24 million whereas Pakistan stands in the fourth position as a rice exporter to Azerbaijan with a market share of 4.63% worth $1.57 million.

“Pakistan has the potential to boost rice export to Azerbaijan as the tax waiver is an opportunity for the Pakistani exporters to compete with regional rice exporting countries and grab their share in the Azerbaijan market.

The decision will not only help in enhancing rice exports but will also increase the volume of bilateral trade between the two countries,” said REAP Senior Vice Chairman Haseeb Khan while talking to Business Recorder on Tuesday.

The REAP sent a trade delegation recently led by Haseeb which held meetings with different rice importers and the investment promotion agency of Azerbaijan (AZPROMO).

The embassy of Pakistan in Baku facilitated the delegation and Bilal Hayee at the embassy briefed the delegation about this opportunity. Head of export (AZPROMO) Yusif Abdullayev, showing interest in rice import from Pakistan, said his government has exempted the import of Pakistani rice from customs duty for five years.

The decision would expand the export of rice from Pakistan to Azerbaijan and open new opportunities for Pakistani exporters. The REAP delegation leader Haseeb Ali Khan said that different types of rice can be exported from Pakistan to Azerbaijan. He hoped the opportunity would be helpful for both countries and the people of Azerbaijan would be able to use better and higher quality rice from Pakistan.

Haseeb said they also exchanged rice samples with the importers in a bid to grab the market in future. Replying to a query, he said that as the buying season in Azerbaijan was over, they hope that result of the exemption of duty and B2B contacts between Pakistani and Azerbaijani traders would bear fruit from the next season.

Copyright Business Recorder, 2022