Pakistan and Ukraine will establish an inter-governmental commission to facilitate bilateral trade, which currently stands below $200 million a year – a level that is far below than the potential.
A draft of agreement to this effect will be signed by both sides during upcoming visit of the commerce minister to Ukraine, according to the commerce ministry.
The agreement includes holding a meeting of representatives of the two countries at least once biennially and arranging special meeting of a working group of experts at a required time.
Contours of the agreement and details of the visit were finalised during a meeting between Ukraine Ambassador Volodymyr Lokomov and Senior Commerce Minister Makhdoom Amin Fahim
here on Monday. Both the sides also discussed various issues pertaining to bilateral trade.
The ambassador invited the commerce minister to come to a trip of Ukraine along with a business delegation on July 24 and 25 to explore new trade avenues.
Lokomov said Ukrainian investors were ready to invest in Pakistan, especially in the field of energy like wind and solar power generation.
Accepting the invitation, Fahim stressed the need for broadening trade relations between the two countries.
He said Pakistan had been facing an adverse balance of trade with Ukraine and it was high time to find new ways and means to reduce the trade imbalance.
In the first half of previous financial year (2011-12), the volume of bilateral trade stood at $105.8 million, with balance of trade in favour of Ukraine due to heavy import of fertilisers.
In 2010-11, Pakistan exported $81.9 million worth of goods to Ukraine while Ukraine’s exports to Pakistan stood at $71.1 million.
Published in The Express Tribune, July 10th, 2012.