Trade with Pakistan: Russian envoy for opening banking channels

LAHORE: Bilateral trade between Pakistan and Russia can be enhanced to a historic high if direct banking channels are established between the two countries, suggested Russian Ambassador to Pakistan Alexey Yuievich Dedov.

Speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI), the ambassador said currently trade between Pakistan and Russia was encouraging and it would be enhanced further once chairman of the Trade and Economic Commission was appointed as agreed between prime ministers of the two countries.

"In upcoming years, the chances of enhancing trade are bright," he remarked.

Speaking on the occasion, Russia Trade Representative Yury Kozlov recalled that two years ago, the Russian central bank and National Bank of Pakistan (NBP) had decided to set up a branch of NBP in Russia "but it never happened." "Both the countries face huge monetary losses while conducting mutual trade as payments have to go through other channels like Dubai, etc," he said.

Replying to questions from businessmen and traders, the trade representative welcomed the idea of barter trade between the two countries.

Published in The Express Tribune, November 17^th, 2018.

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