Pakistan

‘Pakistan can overcome economic crisis with Moscow’s help’

Russian consul general says trade between two countries is possible in local currency

Our Correspondent March 21, 2023

PHOTO: FILE

KARACHI:

Russian Consul General for political and economic affairs Dmitri Petrov has said that Pakistan can overcome its economic crisis with the help of Russia by enhancing bilateral trade between the two countries.

He made these remarks while addressing a meeting during his visit to Korangi Association of Trade and Industry (KATI) in Karachi.

Petrov said that there are immense opportunities to enhance bilateral trade between Pakistan and Russia, adding that issues such as hurdles in banking transactions are being resolved for the promotion of trade ties.

The consul general highlighted that pharmaceutical products and medicines of high quality and international standard were being produced in Pakistan at very low rates while the same products were very expensive in Russia.

Also read: Despite sanctions, ties with Russia to flourish

He said bilateral trade was possible between the two countries in local currency and added that barter trade can also be promoted.

The Russian official said an agreement has been signed for the supply of gas and petrol to Pakistan and the implementation on agreement would start soon.

The first oil cargo from Russia is expected to arrive in Pakistan by the end of April after the latter agreed to the former’s demand to import a single cargo first as a test case to bridge “trust deficit”.

Moscow has already offered to export 100,000 barrels of crude oil per day to Islamabad.

Following Saudi Arabia that also exports around 100,000 barrels of oil per day, Russia will emerge as the second largest crude oil supplier to Pakistan if the both the countries sign a deal.

Sources told The Express Tribune that Russia had raised doubt “over the seriousness of Pakistan to mature the oil deal”. Therefore, in a recent meeting held between the two countries, Moscow had asked Islamabad to import “one oil cargo” as a test case.

COMMENTS (2)

test | 1 year ago | Reply Pakistan can buy cheap oil from Russia and then sell it to the west at a higher price also Pakistan can buy cheap oil from Iran and then sell it to the west at a higher price. But for that we need oil refineries the more the better which must be built locally using local resources local raw materials and local talent and for that we need engineering and financial experts to get a big and clear picture of this whole scenario because feasibility study is a must and must be carried out by engineering and financial experts to look into the technical and financial parameters.

test | 1 year ago | Reply Pakistan wants to jointly manufacture aircrafts tanks helicopters missile systems fighter jets nuclear reactors submarines laser guided weapons military gears artillery guns naval destroyers naval frigates aircraft carriers satellite systems radar systems rocket launchers and machine guns etc with Russia. I mean Russia should setup its industries in special economic zones of Pakistan just like China and do labor intensive manufacturing in those economic zones. But first there are some terms and conditions which are only manufacturing and no assembling. I repeat no assembling only manufacturing. Let me repeat again only local manufacturing and no assembling and no importing only local manufacturing. That s it only manufacturing.

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