In a significant development, Pakistan and Russia have signed a deal to boost bilateral trade and foster economic ties.
According to Russia Today (state media), The development came in a three-day conference of 85 Muslim countries on Friday in Kazan which served as a platform for the exchange of business ideas and enhance collaboration.
“I believe that Russia and Pakistan have made significant strides in enhancing their trade and political relations,” stated Pakistan’s Commerce Minister Naveed Qamar. He also met Rustam Minnikhanov, the leader of the Russian Tatarstan region during his visit to Kazan for the conference.
The leaders discussed various strategies to boost trade and economic ties between Pakistan and Russia. Qamar also met a number of business figures among the conference attendees.
The agreement is supposed to serve as a legal framework between Pakistan’s Ministry of Commerce and the Federal Custom Services of Russia, covering administrative collaboration and trading information under the unified tariff preferences of the Eurasian Economic Union.
It aims to cut customs duties on Pakistani products entering Russian markets and enable smooth trade of goods between the countries.
Commerce Minister Naveed Qamar pointed out that the mutual trade has significantly grown especially in the oil and gas sector with numerous meetings between high-ranking counterparts from both sides.
He also highlighted the visit of the Russian oil minister to Islamabad, followed by Pakistan’s Foreign Minister Bilawal Bhutto-Zardari visiting Russia to underscore the significant development in the trade of petroleum products. He also stated that Russia assisted Pakistan with discounted wheat supply after last year’s floods.
The recent trade protocol is a significant milestone for enacting a robust legal foundation to build commercial relations between Pakistan and Russia, according to the official announcement.
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