Pakistan, Russia discuss exploring untapped trade potential

ISLAMABAD (Web Desk) – The 8th meeting of the Pakistani-Russian Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation kicked off in the federal capital on Wednesday with both sides claiming success in the first round of trade talks.

The meeting is aimed at reviewing the existing areas of cooperation and finding new opportunities for further strengthening the bilateral relations.

During the first day of the commission meeting, technical sessions were held on trade and investment; agriculture; energy; Industry; education; science and technology; information and communication technologies; finance, customs and communication including roads, postal service and railways.

The consultations mainly focused on previous decisions between both the countries on the respective subjects and deliberated on new proposals for cooperation.

The proposals coming out of these technical sessions would be incorporated into the main Protocol of the Commission, which would be discussed, conformed and signed during the plenary session on third day of the session.
Russian delegation, comprising around eighty (80) members, is participating in the meeting.

Speaking at the opening session of the meeting, Secretary Ministry of Economic Affairs, Dr Kazim Niaz said that huge potential existed there to benefit from the comparative advantage between Pakistan and Russia.

He said Pakistan got a big hit due to devastating floods and appreciated the support extended by the international community during such times of crisis.

The 7th session of the commission was held in Yekaterinburg, Russia during last week of November 2021.

The secretary also shared sentiments of gratitude to the Russian government for their continuous support during this whole time.

He said enhancing economic trade and investment relations was the prime priority of Pakistan.

Speaking on the occasion, Deputy Director of the Department of Ministry of Economic Development of the Russian Federation, Israfil Ali-Zade said Russia valued its relations with Pakistan.

He said in all sectors of economy, there was a good level of cooperation and Russia aimed to enhance it further.

He said there was a great potential between both economies that needed to be explored more.

On second on Thursday, the two sides are scheduled to hold technical consultations on finalizing the ‘Draft Protocol’ of the ongoing 8th IGC [Inter-Governmental Commission]-session that discussed ways and means to promote cooperation in diverse fields like trade and investment, agriculture, energy, industry, education, science and technology, Information and communication technologies, roads, postal services and railways, finance and customs.

On Friday, there would be main discussion on the implementation of the gas pipeline construction project titled “the Pakistan Stream Gas Pipeline (PSGP),” oil and petroleum products delivery to Pakistan, Russian-Pakistani financial cooperation, implementation of the decisions and recommendations of the seventh meeting of the commission, besides cooperation in different sectors before signing of the final protocol of the 8th meeting of the commission.