Banking, financial transactions: Pakistan, Belarus to discuss ways to remove snags

ISLAMABAD: Pakistan and Belarus are set to discuss ways to remove difficulties in financial transactions between the two countries and cooperation in banking sector, well-informed sources told Business Recorder.

Both countries will discuss different issues in the 7th session of Joint Belarus-Pakistan Commission on Trade and Economic scheduled to be held on 26-27 September, 2024 in Islamabad. Minister for Commerce will co-chair the session from Pakistan side.

In this regard, an Inter-Ministerial Meeting (IMM) was held on August 7, 2024 under the chairmanship of Special Secretary, Ministry of Economic Affairs.

During the meeting, potential proposals for the upcoming session were deliberated upon in order to firm up concrete proposals.

The proposed agenda for trade, investment and commerce will comprise of: (i) holding of sixth session Joint Belarus-Pakistan Commission (agreed by both sides); (ii) review of previously agreed upon initiatives (proposed by FPCCI); (iii) seminars on “doing business with Belarus” for reducing trade barriers and facilitating market access (proposed by FPCCI); (iv) joint venture in leather, automobile, tractor, buses, trucks, dumper, agriculture equipment, marble and mining sectors as well as technology transfer initiatives (proposed by FPCCI); (v) resolution of barriers/differences in tariff and customs (proposed by FPCCI); (vi) holding of single country exhibition( pending decision of the last protocol); and (vii) establishment of a permanent exhibition centre in one or more cities of Pakistan to benefit from the modern agriculture practices of Belarus in collaboration with the Chambers of Commerce from both sides( pending decision of the last protocol).

On cooperation for investment industrial sector, Belarusian side has proposed the following agenda items: (i) to organize a visit of representatives of the Pakistani company “Mercury” to the Orsha Flax Mills (manufacture of linen fabrics) 2024; (ii) joint ventures between Pakistan Leather Association and Belarusian leather industry; (iii) public and private partnership in automobile sector (Minsk Automobile Plant); (iv) signing of a contract for supplying of tinplate to the Pakistani market; and (v) fifth session of joint working group on industrial cooperation.

Cooperation in agriculture and forestry sector to include: (i) certification of Halal products and provision of favourable conditions for access of agricultural products in both markets;(ii) development of agreement with BeIGISS on the dissemination of national standards of Pakistan; and (iii) seventh session of joint Working Group on agriculture.

Joint Working Group on health and pharmacy, cooperation in the field of medical tourism provided by medical and preventive institutions of Belarus and status of including Belarusian Medical Universities in “A” category as mutually agreed by PMDC for favourable consideration is also on the proposed agenda.

Cooperation in Education Sector to include: (i) Joint Working Group on Education; (ii) development of knowledge corridor; (iii) joint collaboration options in higher education and technical/vocational training fields; (iv) modalities pertaining to the mutual recognition of qualifications between both countries to support students/labour mobility; (v) appointment of an Urdu scholar at the Pakistan Urdu language and Culture Centre Minsk; (vi) joint collaboration options for the National Skills University in Pakistan; and (vii) Joint Working Group on Science and Technology.

Interbank cooperation to consist of: (i) removal of difficulties in financial transaction between the two countries and drew attention to the absence of any multilateral restrictions on Belarus in the banking sector; and (ii) impossibility of conducting banking operations between the two countries due to sanctions/restrictions (proposed by Belarus).

Both sides will also discuss inter-regional cooperation as was proposed by the Belarusian Deputy Minister for Energy during inter-ministerial meeting held on July 31, 2024.

Copyright Business Recorder, 2024