Pakistan, Russia aim to promote trade

Deliberate on niche for companies seeking to enter Russian market

ISLAMABAD:

The Ural Chamber of Commerce and Industry and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday signed a memorandum of understanding (MoU) to enhance opportunities of economic and trade cooperation between Pakistan and Russia.

Minister for Economic Affairs Omar Ayub Khan witnessed the signing of the MoU, according to a press statement.

The ceremony was also attended by Ambassador of Pakistan to Russia Shafqat Ali Khan, Minister of Trade and Investment in Pakistan Embassy Nasir Hamid and officials of the Russian Ministry of Economic Development.

“The agreement marks a new step in bilateral relations between the Ural region and Pakistan,” it said.

The Ural Chamber of Commerce and Industry was represented by its Vice President Mikhail Kozlov and the FPCCI was represented by former Pakistan-Russia Business Council chairman Mohsin Sheikh.

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Earlier in the day, Kozlov and Sheikh, accompanied by representatives of the Crescent Group and The Colony Group, held a meeting at the Ural Chamber of Commerce to discuss new opportunities of trade cooperation.

They also deliberated on the fresh niches for Pakistani companies that were seeking to enter the Russian market.

“The two countries have strengthened their political and economic relations significantly over the past few years despite the Covid-19 pandemic,” it said.

“The current inter-governmental negotiations on building a new trade corridor through Pakistan, Central Asia and Russia are a clear sign of the deepening of strategic partnership between Moscow and Islamabad.”