PAK, RUSSIA signs deal for Economic Cooperation

May 22, 2023

Pakistan and Russia have officially agreed to a bilateral trade agreement aimed at promoting and streamlining trade activities while reducing associated costs between the two nations.

The agreement was formalized during a significant economic conference for Muslim countries held in Kazan, Russia, which spanned over three days and concluded last Friday. This conference provided a valuable platform for participants from 85 countries to exchange business ideas and foster collaboration.

The Ministry of Commerce of Pakistan and the Federal Customs Services of the Russian Federation signed a crucial protocol on customs cooperation, establishing a robust legal framework to bolster commercial relations between the two nations.

The protocol not only facilitates the efficient movement of goods between Pakistan and Russia but also grants substantial customs duty discounts for Pakistani products entering the Russian market. It encompasses administrative cooperation and information exchange within the unified Tariff Preferences of the Eurasian Economic Union.

To represent Pakistan at the conference, Commerce Minister Naveed Qamar traveled to Kazan, where he engaged in constructive discussions with Rustam Minnikhanov, the leader of Tatarstan, a region in Russia.

Their discussions revolved primarily around strategies to strengthen trade and economic ties between Pakistan, Russia, and specifically Tatarstan. Furthermore, the minister capitalized on the opportunity to connect with influential business figures who attended the conference, further advancing the prospects of trade cooperation.