Russia, Pakistan need more steps to enhance bilateral trade: FPCCI

LAHORE: The bilateral trade of Russia and Pakistan needs more practical steps as there is huge potential for investment and economic cooperation in Pakistan's energy sector, steel production, telecommunication, oil and gas. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar stated this speaking at the first virtual meeting of Pakistan-Russia Business Council (PRBC) which was also attended by PRBC newly-elected and outgoing Chairmen Zakir Jaffer and Mohsin Sheikh, respectively.

The FPCCI chief said there is a need to revitalize the activities of both countries' friendship for bringing Pakistani and Russian people closer through exchange of trade delegations. A coherent strategy should be adopted for enhancing people-to-people contacts in various fields of business and commerce, social and culture etc.

He further said that the matter of long-pending outstanding amount has also been resolved with the efforts of FPCCI. He hoped that the PRBC would work for the promotion of Pak-Russia bilateral trade and economic relations.

On the occasion, Mohsin Sheikh apprised the meeting of Council's one-year performance and said that the matters visa on reciprocal basis, both side banking facilities, FTA with Russia and Eurasian Economic Union, establishment of Pak-Russia Joint Chamber of Commerce, establishment of warehouses etc are the main issues which have already been under discussion between the authorities of both countries. He further said that the PRBC under the chairmanship of Zakir Jaffer will pursue this matter in the concerned quarters for the promotion of bilateral trade relations with Russia.

Chairman PRBC, Zakir Jaffer assured his full contribution to enhance and strengthen Pak-Russia bilateral relations on the line of previous team of PRBC. During the meeting, he presented a comparative study of Pak-Russia bilateral trade and economic relations and said that the PRBC will focus on ways and means to utilize for smooth bilateral trade with Russia such as opening of commercial banks and corresponding banks in both the countries to provide a level-playing field to the business communities of both countries.

Copyright Business Recorder, 2020