Plenary session of 6th Pak-Russia Inter Governmental Commission on Trade, Economic, Scientific and Technical Cooperation held at Islamabad
Islamabad, December 11, 2019 (PPI-OT): Pakistan-Russia Inter Government Commissions (IGC) on Trade, Economic, Scientific and Technical Cooperation are held alternately in the capitals of both the countries. Sixth Session of Pakistan-Russia IGC was held in Islamabad from December 9-11, 2019. Mr. Muhammad Hammad Azhar, Federal Minister for Economic Affairs as co-chair from Pakistan side led the Pakistani delegation on the Plenary Session of the IGC held on December 11, 2019. Mr. Denis V. Manutov, Minister of Industry and Trade of the Russian Federation, as co-chair from the Russian side the Commission led the Russian delegation.
From Pakistan side, Secretary, Economic Affairs Division, Foreign Secretary and senior representatives from Ministries of Foreign Affairs, Commerce, Energy, National Food Security and Research, Industries and Production, Planning, Development and Reforms, Aviation, Federal Board of Revenue, Board of Investment, Ministry of Railways, Petroleum Division and Power Division participated in the IGC.
The two sides expressed satisfaction at the current level of cooperation and agreed to further strengthen bilateral ties in all areas of mutual interest including political, trade, economic, energy, education and people-to-people contact Federal Ministry for Economic Affairs briefed the forum about the recent economic developments and outlooks and highlighted improved indicators of Pakistani economy especially current account balance. He further apprised the Russian side of the successful implementation of IMF Programme, bright future prospects of Pakistani economy and huge potential of trade and investment between the two sides.
Both sides exchanged views on the prospects of the mutual economic cooperation in multiple sectors especially energy, trade, transport, industries and production, railways, agriculture and science and technology. Prospects of Russian Investment for revival of Pakistan Steel Mills were also discussed. The Russian side expressed keen interest in Energy Sector such as North South Gas Pipeline. Discussions were held on removing the temporary ban on Pakistan’s agriculture exports including rice and potatoes.
Both sides resolved to increase volume of bilateral trade from the present levels to its true potential through greater cooperation and enhanced business activities by the private sector of both the countries. The Russian side invited Pakistan to organize a road show in Moscow to provide an opportunity to the Russian private companies to explore new avenues in Pakistan. Pakistani side on the other hand invited Russia for their presence in trade expos held in Pakistan.
The Russian side was apprised that Pakistan holds the bilateral and economic relations with the Russian Federation in high esteem which is evident by the recent settlement of the long standing “Settlement of mutual Financial Claims” between the two countries. The Pakistan side appreciated that Russian had supported in laying foundation for its Industrial growth by extending support in establishing the Pakistan Steel Mills and expressed firm resolve to continue such interactions at higher level to better understand the development needs, opportunities of cooperation and investment in the emerging sectors and remove any obstacles in trade and investment. The 7th session of IGC will be held in Moscow on mutually agreed dates.
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