ISLAMABAD: In order to give a paradigm shift in bilateral relations, Moscow and Islamabad have decided to strengthen trade relations, besides scientific and technical cooperation.
Plenary session of 6th Pak-Russia Inter Governmental Commission on Trade, Economic, Scientific and Technical Cooperation here on Wednesday.
Minister for Economic Affairs, Muhammad Hammad Azhar led the Pakistani delegation while Minister of Industry and trade of the Russian Federation, Denis V. Manutov led the Russian delegation.
From Pakistan side, Secretary, Economic Affairs Division, Foreign Secretary and senior representatives from Ministries of Foreign Affairs, Commerce, Energy, National food Security and Research, Industries and Production, Planning, Development and Reforms, Aviation, Federal board of Revenue, Board of Investment, Ministry of Railways, Petroleum Division and Power Division participated in the IGC.
Federal Minister for Economic Affairs Muhammad Hammad Azhar briefed the forum about the recent economic developments and outlooks and highlighted improved indicators of Pakistani economy especially current account balance.
He further apprised the Russian side of the successful implementation of International Monetary Fund (IMF) Programme, bright future prospects of Pakistani economy and huge potential of trade and investment between the two sides.
While both sides exchanged views on the prospects of the mutual economic cooperation in multiple sectors especially energy, trade, transport, industries and production, railways, agriculture and science and technology. Prospects of Russian Investment for revival of Pakistan Steel Mills were also discussed.
The Russian side expressed keen interest in Energy Sector such as North South Gas Pipeline. Discussions were held on removing the temporary ban on Pakistan’s agriculture exports including rice and potatoes.
Pakistan desires to transform relations with Russia into a strategic partnership: @Hammad_Azhar https://t.co/t7gx2RSui5 pic.twitter.com/OZF12dvgTa
— Radio Pakistan (@RadioPakistan) December 11, 2019
The both sides resolved to increase volume of bilateral trade from the present levels to its true potential through greater cooperation and enhanced business activities by the private sector of the two countries.
The Russian side invited Pakistan to organize a road show in Moscow to provide an opportunity to the Russian private companies to explore new avenues in Pakistan. Pakistani side on the other hand invited Russia for their presence in trade expos held in Pakistan.
The Russian side was apprised that Pakistan held the bilateral and economic relations with the Russian Federation in high esteem which was evident by the recent settlement of the long standing “Settlement of mutual Financial Claims” between the two countries.
The Pakistan side appreciated that Russian had supported in laying foundation for its Industrial growth by extending support in establishing the Pakistan Steel Mills and expressed firm resolve to continue such interactions at higher level to better understand the development needs, opportunities of cooperation and investment in the emerging sectors and remove any obstacles in trade and investment.
The 7th session of IGC will be held in Moscow on mutually agreed dates. Pakistan-Russia Inter-Government Commissions (IGC) on Trade, Economic, Scientific and Technical Cooperation are held alternately in the capitals of both the countries.
Speaking at a press briefing after the session, Federal Minister for Economic Affairs, Muhammad Hammad Azhar said that Pakistan and Russia had agreed for Joint Venture to enhance the cooperation for the up gradation and modernization of Pakistan railways infrastructure.
“I believe that Russia have expertise in this sector and we will expand the cooperation for introducing the modern locomotive in local trains for resolved the issues of design and speed of trains,” he added.
He said that Pakistan and Russia relations had now entered in new phase of development to search the new avenues for economic integration and business to business ties.
He said that “we are negotiating for Russian investment in local market and the government has invited them to bring investment in mines sector”.
Meanwhile Minister of Industry and trade of the Russian Federation, Denis V. Manutov said that Pakistan and Russian federation were committed to enhance the bilateral traded and further cooperation in aviation, professional training and capacity building of the local industrial sector.
He said that Russian investment groups were keenly interested to invest Pharmaceutical sector, medical machinery and aviation.
Later on, The Minister of Trade & Industry of Russian Federation Denis Valentinovich Manturov held a meeting with the Chief of Army Staff (COAS) General Qamar Javed Bajwa at Pakistan army’s general headquarters (GHQ) in Rawalpindi.
The Inter Services Public Relations (ISPR) said that during the meeting between the COAS and the Russian trade and industry minister, matters of mutual interest were discussed.
The IPSR said that both reiterated the desire to further enhance Pakistan-Russia bilateral relations for peace & stability and economic prosperity of the region.
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