Russian Envoy urges traders to boost ties
Russian Ambassador to Pakistan Mr. Alexey y. Dedov has urged the private sector of both countries to come forward and play its role in giving quantum jump to the bilateral trade.
Addressing a function organized by Faisalabad Chamber of Commerce and Industry (FCCI) Monday late night, he said that trade ties between Pakistan and Russia were growing satisfactorily at government level and huge investment of two billion dollars was indicative of the cooperation.
However, the trade volume was still far less than the potentialities of the two countries and business communities of the two countries should take necessary measures to exploit this available potential. He said that Russia launched a number of energy projects while an agreement was also signed to lay gas pipeline from Karachi to Lahore. He said that a ministerial level meeting would be held in Islamabad in November and December to remove the bottlenecks hampering our bilateral trade. He said that many Russian companies were already working in Pakistan
while more were willing to invest in Pakistan as the situation in this country was improving considerably. He said that Russia was importing wheat and kinnow from Pakistan and more commodities could also be imported, provided the roads passing through Afghanistan were made safe and secure. Regarding possibilities of MOUs, Preferential Trade Agreements (PTA) and Free Trade Agreements (FTA), Mr Alexey said that in this connection negotiations at the official level were required.
However, as regards cooperation between the private sectors of the two countries, it needs reliable and credible banking system. He said the government of Pakistan was ready to open a branch of National Bank of Pakistan in Moscow which would have salutary impact on the promotion of bilateral trade between the two countries. Regarding sanctions clamped on Turkey by Russia, he said that it provided a unique opportunity to Pakistani exporters to fill up this gap by making arrangements with their Russian counterparts particularly for the export of textile products. The Russian Ambassador assured cooperation for the exchange of trade delegations and organization of exhibitions in both countries.
Earlier, in his address of welcome Chaudhry Muhammad Nawaz President Faisalabad Chamber of Commerce and Industry (FCCI) said that there were more than 5000 members within the fold of this chamber.