Next meeting of Russia-Pakistan Intergovernmental Commission on Trade and Economic Cooperation this year: Ambassador

Karachi, April 17, 2014 (PPI-OT): The Ambassador of Russian Federation in Pakistan, Alexey Y. Dedov has said that the next meeting of Russia-Pakistan Intergovernmental Commission on Trade and Economic Cooperation will hopefully be organized this year in which various issues and hurdles in way of smooth trade between the two countries will be discussed in detail.

Speaking at a meeting during his visit to Karachi Chamber of Commerce and Industry on Thursday, the Russian Ambassador, while commenting on the possibility of extending support to Pakistan in effectively dealing with its ongoing energy crisis, said that some Memorandums of Understandings have already been signed for various energy projects in Pakistan but there are some issues which are likely to be settled in the framework for the next meeting of Russia-Pakistan intergovernmental commission.

Finance Minister Ishaq Dar will be representing Pakistan at Russia-Pakistan intergovernmental commission this year, he said, adding that that the Russian government has high hopes over the functioning and mechanism of this intergovernmental commission on trade and economic cooperation.

President KCCI, Abdullah Zaki, Senior Vice President KCCI, Muffasar A. Malik, Vice President KCCI, Muhammad Idrees, Former SVP, Shamim Ahmed Firpo, Chairman Diplomatic Affairs Sub-Committee KCCI, Abdul Jabbar Dalal, Former President KCCI, Majyd Aziz and other Managing Committee members also attended the meeting whereas the Consul General of Russian Federation in Karachi, Oleg N Avdeev accompanied the Russian Ambassador during his visit to KCCI.

The Ambassador further informed that the Russian government was seriously working on organizing a single country exhibition in Pakistan by September 2014, which will certainly help in further improving trade ties between the two countries.

Replying to a question regarding trade gap between Pakistan and Russia, the Ambassador said, “There is no trade gap between the two countries as both countries enjoy decent trade volume of $550 million but it does not correspond to the existing potential and also does not correspond to the development of political relations between the two countries which is a problem.”

To a query regarding Pakistan Steel, the Russian Ambassador said, “The Pakistani government has not decided the fate of Pakistan Steel. First, we need to know the fate of Pakistan Steel and as soon as it is defined, we can then formulate proposals for the revival of Pakistan Steel.”

Speaking on the occasion, President KCCI Abdullah Zaki said that the Russian Federation and Pakistan have exemplary cooperation in wide-ranging fields and in the present global economic scenario, both countries are exploring new avenues of long-term multi-faceted partnership.

He said that the bilateral trade between Pakistan and Russia was expanding but at a relatively slow pace and the present trade volume does not reflect true trade potential between the two countries. “During 2012-13, Pakistan exported goods worth $234.91 million against exports of $206.98 million during 2011-12 while Pakistan’s imports from Russia were $108.01 million against only $87.84 million during 2011-12. Thus, the trade surplus of $126.89 million during 2012-13 favors Pakistan”, he added.

He was confident that bilateral relations would further improve in future as Russian government has shown interest in signing Preferential and Free Trade Agreements with Pakistan.

Abdullah said that there is a great scope of seeking Russian investment in Pakistan’s Oil and Gas sectors, Communication, irrigation, atomic energy, transport and infrastructure. Effective utilization of trade talks, exhibitions and other trade strategies are also needed for the promotion of bilateral trade between the two countries.

KCCI has always stood upfront and raised voice for technology transfers and enhanced investments because KCCI believes that boosting bilateral relations and trade activities could help in speedy growth of economy of both countries, he added.

Senior Vice President KCCI, Muffasar A. Malik informed the Russian Ambassador that KCCI’s 11th My Karachi – Oasis of Harmony Exhibition is scheduled to be staged from June 20th to June 22nd, 2014 at Karachi Expo Center. He said that Russian businessmen have been regularly participating in this exhibition and KCCI looks forward to enhanced participation of Russian exhibitors in this year’s exhibition.

He requested the Ambassador to support KCCI in promoting this exhibition in order to ensure maximum participation of Russian companies who will get a perfect opportunity to display goods and services in front of more than 1 million visitors whereas special arrangements will also be made for B2B meetings with their Pakistani counterparts.

For more information, contact:
Aamir Hassan
Director Press/ Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Office: +92 99218001-09
Fax: +92 21 99218040

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