Banking Channel Needed To Enhance Pak-Russia Bilateral Trade

KARACHI, (UrduPoint / Pakistan Point News - 23rd May, 2018 ) :National Chambers of Pakistan and Russia emphasized the need to establish banking channel between both the countries to multiply existing trade volume.

This was agreed upon in a meeting between Senior Vice President FPCCI Syed Mazhar Ali Nasir and his counterpart Sergey N. Katyrin and Vice President, Chamber of Commerce and Industry of the Russian Federation, held at Moscow, said release issued from Federation of Pakistan Chambers of Commerce and Industry here on Wednesday.

It was also agreed that the existing trade relations were not up to the desired level mainly due to lack of interaction of the business communities of both the countries. FPCCI's Senior Vice President said Russia having rich experience in the field of industrial infrastructure and abandon natural resources could provide its expertise to Pakistan for the improvement of the sectors like infrastructure development, energy, oil and natural gas, rail and road network, meat and dairy processing industries in Pakistan.

Russia could also supply heavy electrical equipment and assembly of sub-power stations to Pakistan. Pakistan could meet their consumer demand by providing products like fabrics, rice, garment, Pharma, leather and leather goods which were in high demand globally, he said.

SVP of FPCCI appreciated that Russia had already contributed a lot for establishment of Pakistan Steel Mills and could again help Pakistan to revive it which was running at loss. He also stressed the need for frequent flights between Pakistan and Russia to facilitate the traders and their cargoes.

He also discussed various issues related to bilateral trade. On his recommendations, it was agreed to resolve customs issues to facilitate traders of both the countries. They agreed to implement the memorandum of understanding signed few years back and formation of joint business council between the two counterparts.

They also discussed to enhance cooperation in the field of information sharing, exchange of trade delegations and visa issues. APP/ah/ms