Pakistan, Russia agree to strengthen ties in trade, investment, energy and other sectors

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Pakistan and Russia have agreed to strengthen relations in trade, investment, energy and other sectors, besides agreeing to export crude oil to Pakistan by the end of March.

 

According to a joint statement issued by the Prime Minister's Office, the eighth meeting of the Intergovernmental Commission on Trade, Economy, Science and Technical Cooperation between Pakistan and Russia was held in Islamabad.

 

The meeting was chaired by Minister for Energy Nikolay Shilgenov and Pakistan's Federal Minister for Economic Affairs Sardar Ayaz Sadiq.

 

The meeting was attended by a high-level delegation including ministers of both countries.

 

The two sides reaffirmed their commitment to a strong and comprehensive economic relationship.

 

 

During the meeting, Pakistan and Russia signed three agreements, including an agreement on cooperation and mutual assistance in customs matters, cooperation in the field of air transport, including data exchange cooperation.

 

In addition, an agreement has also been signed to work on the air capability of Pak-Russia aeronautical products.

The Pakistani delegation said that such relations would also boost the region's economic cooperation with the two countries.

The two countries agreed to further strengthen and enhance cooperation in the areas of trade, investment, energy, media, transport, higher education, industry, railways, finance, bank sector, customs, agriculture, science, technology and information technology.

It has been said in the statement that the structure of oil and gas trade transactions will be created so that both countries benefit, which will benefit Pakistan and Russia economically, this process will be completed in March 2023.

 

The two sides agreed to strengthen energy cooperation, enhance trade and expand investment in its infrastructure on the basis of strategic and trade terms.

 

Pakistan and Russia have agreed to work on a 'Comprehensive Plan for Energy Cooperation', which will be finalized this year.

 

 

The Pakistan Stream Gas Pipeline Project will be considered for a comprehensive infrastructure to ensure the supply of gas at subsidized rates.

 

The meeting also agreed to take necessary steps to enhance bilateral cooperation in science, technology and higher education, especially educational linkages, collaborative and research, training and development and to increase interest in education of Pakistani citizens.

 

It may be recalled that the Russian delegation led by Energy Minister Nikolay Shilgenov is currently in Islamabad, where bilateral economic and trade relations including providing oil and gas to Pakistan at subsidized prices were also discussed.

 

According to a

press release issued by the Prime Minister's Office, the Russian delegation also called on Prime Minister Shahbaz Sharif in Lahore last year.

 

 

During the meeting, it was discussed to provide oil and gas to Pakistan on a long-term basis.

 

According to the foreign news agency Reuters, The Russian Energy Minister said that it has been decided between the two countries that Russia will export crude oil to Pakistan by the end of March.

 

Pakistan will pay in the currency of friendly countries on the purchase of Russian energy.

 

Last month, Federal Minister for Petroleum Mosaddek Malik had said that Russia would supply crude oil to Pakistan at rates similar to or even lower than other countries in the world.

 

 

He further said that Russia will supply crude oil, petrol and diesel to Pakistan at subsidized rates.

 

He issued the statement after Mosaddek Malik visited Russia in late November last year to hold talks with Russia to supply oil and gas to Pakistan at concessional rates.

 

Radio Pakistan further reported that the Russian delegation said that significant progress has been made in various fields during the meeting, which will pave the way for the development and strengthening of relations between Pakistan and Russia.

 

 

During the meeting, Energy Minister Nikolay Sholgenov briefed Prime Minister Shahbaz Sharif about the important message of Russian President Vladimir Putin.

 

According to a statement issued by the Prime Minister's Office, Nikolay Sholginov described Pakistan as an important partner of Russia in South Asia and global Islam and reiterated Russia's strong interest in further deepening bilateral relations.

 

Welcoming the Russian delegation, Prime Minister Shehbaz Sharif highlighted the importance of bilateral relations between Pakistan and Russia.

 

Referring to his meeting with Russian President Vladimir Putin in Samarkand in September 2022, he said important decisions were taken to further strengthen Pakistan-Russia relations.

 

 

Federal Minister for Economic Affairs Sardar Ayaz Sadiq, Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Mosaddek Malik and Special Assistant to the Prime Minister Tariq Fatemi were also present in the meeting.

 

During the meeting, oil and gas supply to Pakistan on a long-term basis was discussed and issues related to gas pipelines were also reviewed.

 

Earlier in 2015 and 2021, agreements were signed for the construction of the gas pipeline, which cost $ 25 million, the construction of this pipeline was to start last year, but it could not start due to international sanctions on Russia.

 

At present, Pakistan is in dire need of energy, especially oil and gas.

 

 



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