Strengthening economic ties: Pakistan expects substantial benefits from trade agreement with Russia

Pakistan and Russia have successfully concluded a bilateral trade agreement during a three-day economic conference in Kazan, Russia. The deal aims to streamline trade operations and reduce costs between the two nations, strengthening economic ties.

The agreement includes provisions that benefit Pakistan’s economy. It facilitates the smooth movement of goods and offers Pakistani products a customs duty discount upon entering the Russian market. This tariff reduction presents an opportunity for Pakistani exporters to enhance their competitiveness and expand their presence in Russia.

The protocol also establishes administrative cooperation and information exchange within the framework of the unified Tariff Preferences of the Eurasian Economic Union. This approach will promote efficient customs procedures and create a conducive business environment, bolstering trade relations between Pakistan and Russia.

Pakistan’s Commerce Minister, Naveed Qamar, represented the country at the conference and engaged in discussions and negotiations. He met with Rustam Minnikhanov, the leader of Tatarstan, Russia, to strategize measures for enhancing trade and economic relations. The minister also networked with influential business figures, strengthening Pakistan’s outreach in the global business community.

According to Dawn, the signing of this landmark protocol signifies a vital step forward in establishing the necessary legal framework for commercial relations between Pakistan and Russia. Minister Qamar expressed satisfaction with the improvement in trade and political relations between the two nations. Both countries have made substantial strides in enhancing their trade and political ties, particularly in the oil and gas trade sector.

With the bilateral trade agreement in place, Pakistan stands to reap substantial economic benefits. The provisions, including customs duty discounts and streamlined procedures, offer new opportunities for Pakistani businesses to expand their market presence and capitalize on the growing demand in Russia. This agreement also paves the way for stronger political and diplomatic ties between Pakistan and Russia, fostering long-term economic growth and cooperation.