FPCCI for more trade between Pakistan and Russian Federation via land

KARACHI: Senior Vice President (SVP) of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Syed Mazhar Ali Nasir has called for a pragmatic approach to strengthen trade relations between Pakistan and Russian Federation.

According to a communication received here Tuesday, the FPCCI office bearer, addressing the Russian Institute of Oriental Studies in Moscow, said it was high time that Pakistan and Russia may devise land routes for future trade between the two.

"It will not only be a cheaper source of transportation but shall also help clinch competitive prices for the products traded between the two neighbours," he was quoted to have said.

It was mentioned that a FPCCI delegation is on a visit to Russia to not only meet the counterparts in Moscow but also participate in the SCO Business Forum being held at St. Petersburg, Russia.

Syed Mazhar Ali in his presentation at the Russian Institute of Oriental Studies said since inception of WTO regime the global economic scenario has changed.

The focus, he said has been shifted from political to economic needs of the nations and consequently irritants on political grounds are being surpassed by economic interests.

Countries claimed to be followers of different ideologies are presently witnessed to be emerging as close friends on economic fronts, he added.

In particular context of diplomatic cum economic relations established between Pakistan and Soviet Union in early 1950s, he said an aggressive progress was registered when the Soviet Union agreed to import cotton, jute and leather from Pakistan.

Both the countries established an oil consortium in 1958, and the Soviets expressed readiness to establish Pakistan's first Steel Mills In 1961, said SVP of FPCCI emphasizing that it was time for private sector to capitalize these efforts.

Expressing his satisfaction that the Governments of Pakistan and Russian Federation have intensified their interaction, he said members of FPCCI and Federation of Russian Chambers of Commerce and Industry must try their utmost to expand their bilateral trade relation.

Mentioning that trade between the two was currently around  US $ 541 million, he said it must be brought to the optimum level and that existing irritants in the bilateral trade between the two countries should be removed.

"Private sectors should must make serious efforts to avail the opportunities at the optimal level," he emphasized.

Pakistan's Ambassador to Russian Federation, Qazi Khalilullah also attended the event.