Pakistan, Russia: ‘Reliable, mutually acceptable banking system imperative’

A reliable and mutually acceptable banking system is imperative to enhance bilateral trade between Pakistan and Russia, said Yury M. Kozlov Trade Representative of the Russian Federation.

During a meeting with Rana Sikandar Azam President Faisalabad Chamber of Commerce & Industry (FCCI) in his office, he told that a display centre has been established in Moscow where exporters of Faisalabad could also display their textile related products. He asked President FCCI to arrange a trade delegation for Moscow to interact with their Russian counterparts. He told that a meeting of Pakistan-Russian Inter Trade Communion is scheduled to be held during next month and businessmen from Faisalabad should also submit their viable proposal to remove the hurdles in the growth of trade ties between the two countries. He told that Pakistani Ministry of Commerce will extend them invitation to participate in this meeting and hoped that they will present viable proposals to bridge the trade gap between Pakistan and Russia. He told that Russia had undertaken many mega projects in Pakistan including Pakistan Steel Mills, Guddo Power Plant and many more.

He told that both countries are also negotiating on 2 billion dollar Lahore-Karachi transmission line and 3 Billion Dollar Pak-Iran gas pipelines. He told that currently Russia is importing textile products from Turkey and Pakistan should also come forward to get its due share in textile imports by Russia.

He also mentioned an exhibition held in Moscow last year and told that 250 Russian companies had participated in it. He also provided a CD comprising of the portfolios of those companies. He further told that 2 countries must start investment and join joint ventures to give quantum jump to enhance volume of trade between Pakistan and Russia.

Regarding American trade sanctions, the Russian trade representative said that his government has always taken bold steps but Pakistan has not refuted these sanctions. He also welcomed a proposal to make trade between two countries in Ruble and Pak Rupee instead of in dollars. He also endorsed the idea of starting Barter trade but said that it is only possible in very small volume.