Pakistan, Russia agree to strengthen trade ties

ISLAMABAD: Pakistan and Russian Federation on Wednesday agreed to strengthen bilateral ties in all areas of mutual interest—including politics, trade, economy, energy, education and people-to-people contacts.

The agreement was made during a plenary session of 6th Pak-Russia Inter Governmental Commission (IGC) on Trade, Economic, Scientific and Technical Cooperation here.

Economic Affairs Minister Muhammad Hammad Azhar led the Pakistani delegation, while Industry and Trade Minister Denis V Manturov led the Russian delegation.

From Pakistan side, secretary Economic Affairs Division, foreign secretary and senior representatives from ministries of Foreign Affairs, Commerce, Energy, National Food Security and Research, Industries and Production, Planning, Development and Reforms, Aviation, Railways, Petroleum Division and Power Division, Federal Board of Revenue and Board of Investment participated in the plenary session.

Azhar briefed the forum on the recent economic developments and outlooks and highlighted improved indicators of Pakistan’s economy, especially current account balance. Prospects of Russian investment for revival of Pakistan Steel Mills were also discussed. The Russian side expressed keen interest in energy sector such as North South Gas Pipeline project.

Discussions were also held on removing the temporary ban on Pakistan’s agriculture exports, including rice and potatoes. Both the sides resolved to increase volume of bilateral trade from the present level to its true potential through greater cooperation and enhanced business activities by the private sector of the two countries. The Russian side invited Pakistan to organise a road show in Moscow to provide an opportunity to the Russian private companies to explore new avenues in Pakistan. Pakistani side on the other hand invited Russia for their presence in trade expos held in Pakistan.