The first ever “Pakistan Russia Investment Forum” and meeting of Pak-Russia Inter Governmental Commission (IGC) concluded on Friday with the signing of three memorandums of understanding (MoUs) to further promote bilateral trade and investment relations besides settling of trade disputes between the two countries.
The accords signed included the protocol of 4th IGC meeting besides agreements on settlement of financial issues and enhancing cooperation in the fields of science and technology.
Minister for Finance Ishaq Dar and Co-Chairman of the Russia-Pakistan Inter-governmental Commission on Economic, Trade and Scientific Cooperation Victor P Ivanov witnessed the signing of MOUs.
Speaking on the occasion, Dar termed the business forum and IGC meeting very fruitful and productive for strengthening the bilateral trade and investment relations between the two countries.
He said the IGC had successfully settled over 18-20 years old trade disputes involving claims of the private businesses of the two countries. The Pakistan government, he said, had taken steps to resolve the long-lasting issue which was a major impediment in promotion of bilateral trade.
Dar said the meeting had also agreed for forming five working groups on agriculture development, industrial cooperation, energy, trade and investment to harnessing true trade potential and share the expertise.
He said working groups were also formed for enhancing bilateral cooperation in the fields of finance and banking, which would hold regular meetings minimum once in a year.
The trade relations, the minister, had gained momentum after November last year when both the countries had positively engaged for enhancing collaboration in different fields of economy.
Dar said the two countries had signed an agreement to construct North-South Gas Pipeline worth $ 2 billion which would also help in enhancing bilateral trade and investment ties.
Ways and means to complete the project early were discussed in the IGC meeting as Pakistan wanted its completion by 2017, he added.
The minister said that steps would be taken to establish direct air link between Islamabad and Moscow. Both the sides had expressed the need to start direct lights which would help promote interaction among businessmen.
The direct air linkage would also promote the relations of private sectors of both the countries, which he said, were an engine for their sustainable economic growth.
He said the agricultural exports to Russia had increased by 60 percent during the last two years after lifting of ban by Moscow on Pakistani agri-produces excluding potatoes. The bilateral trade, he added, however was not according to the potential.
Victor P Ivanov, Co-Chairman of the Russia-Pakistan Inter-governmental Commission, said the two countries’ bilateral relations had entered a new phase. Over 60 top businessmen and delegates besides government officials attended the first ever Pak-Russia Business Forum while the IGC meeting remained productive, he added.
He said the business forum had set a new direction for the private sectors of both countries while the IGC emerged as the best driving tool to strengthen the bilateral trade relations. Ivanov said Pakistan and Russia were peace loving countries and they would continue cooperation with each other.
He also appreciated Pakistan for its balanced role in all international issues.
