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ISLAMABAD: To facilitate and lower the cost of trade between the two nations, Pakistan and Russia have inked a bilateral trade agreement.
The agreement was made in Kazan, Russia, at a three-day economic summit for Muslim nations that came to an end on Friday. Participants at the conference came from 85 different countries, creating a forum for the sharing of business concepts.
The convention pertaining to customs cooperation between the Federal Customs Services of the Russian Federation and the Ministry of Commerce of Pakistan was signed by both nations. The growth of commercial relations between the two countries is dependent upon the legal framework provided by this convention.
The protocol not only makes it easier for commodities to travel between Pakistan and Russia, but it also provides Pakistani items with a significant customs duty discount when they enter the Russian market.
The protocol covers information sharing and administrative collaboration within the scope of the Eurasian Economic Union’s unified tariff preferences.
In order to represent Pakistan at the conference, Naveed Qamar, the commerce minister of Pakistan, traveled to Kazan. He met with the head of Tatarstan, a region of Russia, Rustam Minnikhanov, during his visit.
The main topics of conversation during their talks were how to improve economic and trade ties between Tatarstan, Russia, and Pakistan. The minister also had the chance to network with well-known businesspeople in attendance at the conference.
An official statement from the ministry states that the historic protocol’s signature is yet another important step toward creating the legal framework required for the growth of Pakistan-Russian trade relations.
The political and commercial ties between Pakistan and Russia have significantly improved, Mr. Qamar told RT. He stated that high-ranking officials from both sides have attended multiple discussions, especially in relation to the trade in oil and gas.
He declared, “I think that Russia and Pakistan have made great progress in improving their trade and political relations.”
He also noted a number of meetings involving high-ranking officials, most notably the visit of the Russian oil minister to Islamabad and the subsequent visit to Russia by Pakistan’s Foreign Minister Bilawal Bhutto-Zardari.
Both nations have advanced significantly in their petroleum product trade, according to Mr. Qamar.
He added that Russia had helped Pakistan after the floods the previous year by donating wheat and giving the flood victims discounts.
