"Bilateral trade between Pakistan and Russia can be enhanced to a record high level, provided direct banking channels are established between the two countries." Russian Ambassador to Pakistan Alexey Yuievich Dedov stated this while talking to the Lahore Chamber of Commerce and Industry (LCCI) office-bearers. Currently, Pakistan and Russian trade in terms of dollars is encouraging and it will be further enhanced once the chairman of Trade and Economic Commission is appointed as agreed between prime ministers of both the countries, he said.
Pakistan and Russia were busy in elections and in the upcoming years there are very bright chances of enhancing trade, he added. To a question, the Russian envoy said that if direct banking channels are established, the trade volume can be further enhanced.
Speaking on the occasion, Trade Representative Yury M Kozlov said two years before it was decided between Russian Central Bank and the National bank of Pakistan (NBP) that one NBP branch will be set up in Russia but the decision has not yet been materialized.
While conducting mutual trade, both the countries have to face huge losses in terms of money when the payments are made through other banks via third country like Dubai. In reply to businessmen and traders questions, he also welcomed the idea of barter system between the two countries.
LCCI President Almas Hyder said that during last three years, the overall trade volume has gone up from US $331 million to $442 million. However, these figures hardly reflect the actual potential of two economies. Pakistan's exports to Russia were around $206 million in 2013 which are following downward trend since then. Last year, our exports to Russia came down to $131 million which need to be enhanced, he said.
Pakistan is exporting citrus fruit, articles of apparel, rice, woven fabric, hosiery items, sports goods, and home textiles etc to Russia. The major imports from Russia to Pakistan are dried vegetables, newsprint, coal, synthetic rubber and ferrous waste and scrap of iron or steel.
The LCCI chief said that Russia has earned a distinctive status in the field of modern technologies and Pakistan can benefit by way of establishing closer ties with Russia.
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