Pakistan, Russia keen on enhancing banking channels

Meeting held between chamber officials to discuss issues hindering trade

KARACHI: The national chambers of Pakistan and Russia have emphasised the need to enhance banking channels between both countries to increase existing trade volumes as well as explore untapped avenues and potential.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Senior Vice President Syed Mazhar Ali Nasir and his counterpart Russian Federation Chamber of Commerce and Industry Vice President Sergey N Katyrin recently met in Moscow to discuss bilateral trade.



“It was also agreed in the meeting that the existing trade relations are not up to the desired level mainly due to lack of interaction of the business communities of both countries,” Nasir said.

Russia has a rich experience in the field of industrial infrastructure, said the FPCCI official, adding that it can provide its expertise to Pakistan for improvement of various sectors.



“Russia can also supply heavy electrical equipment and assembly of sub power stations to Pakistan,” he remarked. The official was of the view that Pakistan can meet consumer demand by providing products like fabrics, rice, garments, pharmaceuticals, leather and leather goods which are in high demand.

“Russia has already contributed a lot for the establishment of Pakistan Steel Mills and can again help the country in its revival,” he added. Nasir also stressed that frequent flights are needed to facilitate the traders and their cargoes.



During the meeting, various issues that are impeding bilateral trade relations of Pakistan and Russia were also discussed. Both sides agreed to resolve customs issues to facilitate traders of both countries. They further agreed to implement the MoU signed a few years ago and formation of joint business council between the two counterparts. Discussions were also held on ways to enhance cooperation in the field of information sharing, exchange of trade delegations and visa issues.

Published in The Express Tribune, May 24^th, 2018.

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