Pakistan and Russia have decided to enhance mutually beneficial economic relations in the sectors of energy, industries and production, bilateral trade and investment, scientific and technical cooperation, agriculture, and other avenues of cooperation.
The representatives of both countries have finalized the texts of Memorandums of Understanding (MoU) for greater cooperation in various spheres Second Session of the Pakistan-Russia Inter-Governmental Commission (IGC) on Trade, Economic, Scientific and Technical Cooperation meeting held on Monday.
The Commission was co-chaired by Minister of State for Foreign Affairs, Nawabzada Malik Amad Khan and Minister of Sports of the Russian Federation, Vitaly L. Mutko.
The commission has finalized the details for the upcoming visit of Russian President Vladimir Putin to visit Pakistan on October 2, next month.
Both countries will also sign agreements on expansion of Pakistan Steel Mills (PSM), increasing its production capacity up to three million tons per year.
According to a proposed agreement, Russia will co-operate for BMRE (Balancing, Modernisation, Revamping and Expansion) of PSM as agreed.
Iran-Pakistan gas pipeline project will also come under discussion between the Presidents of the two countries.
According to the sources the list of pacts to be inked during the visit of Russian President include Muzaffargarh and Guddu thermal power plants; Thar Coal project; Kandra gas thermal power plant; Tarbela-IV extension project; currency swap arrangements; opening of bank branches; assistance to the Heavy Mechanical Complex(HMC); assistance to the State Engineering Corporation (SEC); joint ventures in auto sector( manufacturing of spare parts); partnership in water sector; co-operation in agriculture sector and assistance to the National Centre for Rural Development (NCRD).
The Minister of State highlighted that Pakistan and Russia had turned a new page in bilateral relations. There was greater understanding and convergence of views on important political and security issues, including regional stability and combating terrorism and drug trafficking.
Referring to the cooperation existing between the two countries at the regional level, he welcomed Russian interest for participation in the CASA-1000 and the TAPI projects.
He assured of Pakistan’s continuing support to the Russian Federation for its participation in these regional projects. The Minister of State also thanked Russia for supporting Pakistan’s candidature for full membership of the Shanghai Cooperation Organization (SCO).
During the Islamabad meeting presentations were made by the Russian Deputy Minister of Energy, the Representative of the Gazprom International and Inter Rao, the President of the Russian Business Council for Cooperation with Pakistan, and their counterparts in Pakistan.
The Commission discussed enhancing mutually beneficial economic relations in the sectors of energy, industries and production, bilateral trade and investment, scientific and technical cooperation, agriculture, and other avenues of cooperation. They also finalized the texts of Memorandums of Understanding for greater cooperation in various spheres.
The co-chairs signed the Joint Minutes, which not only reviewed progress made since the First Session of the IGC in September 2010 but also laid strong foundations for future bilateral cooperation.
In this context, the co-chairs also decided that the third session of the Pakistan-Russia Inter-Governmental Commission on Trade, Economic, Scientific and Technical Cooperation would be held in Moscow in 2013.
Pak-Russia Inter-Govt Commission finalises details of Putin’s upcoming visit to Pakistan
