Pakistan has approached Russian Federation to sign Preferential Trade Agreement (PTA), which will finally lead to Free Trade Agreement (FTA) between the two countries. A working group of Pakistani and Russian officials is likely to hold its first meeting in end January 2007, according to commercial section of Pakistan Embassy here.
Pakistan's exports to Russia during March-July 2005 were $10.5 million, but due to extra efforts, it rose to $52 million and expected to increase manifold by end of fiscal year 2006-07 and enhance Russian investment in Pakistan.
Pakistan was biggest export of kinno (mandarin) to Russian Federation and in November 2006, four contracts were signed in Moscow between Pakistani Kinno (mandarin) exporters and Russian buyers.
Russia has huge market for textiles, rice, fresh fruits, vegetables, fabrics, home textiles, fish, seafood, dates, leather products, pharmaceuticals, cutlery, sports goods, and non-traditional items.
Following ban imposed on rice import by Russian agriculture ministry from all countries on December 4, 2006 due to contamination and other regulations, matter was taken up by Pakistan embassy's commercial section for its removal.
Pakistan, India, Thailand, China, Vietnam & United States trade representatives will soon meet Russian agriculture ministry officials to resolve issue. Russian authorities indicated ban on rice import is supposed to be lifted from December 25, 2006. Meanwhile, initial talks between Pakistan and Belarus officials on signing PTA, which will lead to FTA, between two countries will be held on Dec, 18-20, 2006 in Minsk, Belarus capital.