Official for deepening trade ties with Russia
Bilateral trade between Russia and Pakistan needs more practical steps as there is a huge potential for investment and economic cooperation in energy, steel, telecommunication, oil and gas sectors of Pakistan.
This was stated by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar on Tuesday at the first virtual meeting of the Pakistan-Russia Business Council (PRBC). He stressed the need for revitalising friendship between the two countries to bring Pakistani and Russian people closer through exchange of trade delegations. “A coherent strategy should be adopted to enhance people-to-people contacts in various fields of business and commerce,” he said.
He recalled that the matter of outstanding payments between Pakistan and the erstwhile USSR was resolved with efforts of the FPCCI.
He voiced hope that the PRBC would work towards promotion of bilateral trade and economic relations between the two countries.
On the occasion, PRBC’s former chairman Mohsin Sheikh shared a brief performance report of his one-year tenure and added that matters pertaining to the issuance of visa on a reciprocal basis, banking facilities on both sides and a free trade agreement (FTA) had been under discussion.
In addition to those, the Eurasian Economic Union, formation of the Pak-Russia Joint Chamber of Commerce and establishment of warehouses were some other issues which were discussed between the two countries, he said.
He expressed hope that the PRBC, under current Chairman Zakir Jaffer, would pursue those matters further for the promotion of bilateral trade relations with Russia.
Jaffer, who was also present on the occasion, promised full cooperation to enhance and strengthen relations between Pakistan and Russia in line with efforts of the previous PRBC team.
During the meeting, he presented a comparative study of Pakistan-Russia bilateral trade and economic relations.
He added that the PRBC would focus on utilising multiple ways and means for smooth bilateral trade with Russia such as opening of commercial banks and corresponding banks in both countries to provide a level playing field to business communities of the two sides.
Published in The Express Tribune, July 29th, 2020.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.