The leaders of UBG and Chief Petron SM Munir, President Zubair Tufail and other members have expressed their optimism that the visit of Prime Minister of Pakistan Imran Khan to Russia will open new avenues for promotion of bilateral trade and economic relations with Russia.
They said that the bilateral talks between the head of states of Pakistan and Russia would strengthen economic cooperation and prosperity particularly with respect to resumption of construction of Pakistan Stream Gas Pipeline Project which is 1,100 km long gas pipeline connecting Karachi and Lahore which is pending since 2015.
The expected bilateral talks on trade and economic relations would also strengthen the confidence of the private sectors of both the countries to intensify their interaction which would lead exploration of new vistas for trade, economy and energy, UBG added. UBG further said that Russia is a huge potential market for Pakistani products and there exists great opportunities for broadening of trade links but enhancement of bilateral trade volume is only possible when private sector of both countries frequently meet each other and banking channels are opened and made operative. There are lots of hidden areas in trade which need to be jointly explored and exploited, they added.
The UBG leaders recalled that during the visit of Russian Foreign Minister Sergey Lavrov to Pakistan after a decade it was agreed upon to deepen our bilateral relations and create win cooperation between two countries which are also active members of Shanghai Cooperation Organization (SCO).
Russian exports to Pakistan is US $ 34. 3 million while it imported $ 23. 8 million from Pakistan in 2020-21. This amount of trade figures apparently do not correspond to our potential. Pakistan exportable products include edible fruits, nuts, articles of textile and apparel, knit, articles of leather, edible vegetables, salt, cement, footwear, plastic products, and cereals. While there are bright prospects for Russian investment in Pakistan particularly in the energy sector, transport, railway, agriculture and prospects for Russian investment for revival of Pakistan Steel Mills.
Frequent exchange of trade delegations and holding of trade exhibitions will help achieve the desired goal of expansion of bilateral trade and economic relations. UBG said that CPEC is also a bright economic prospect for Russia to develop and expand its economic connection with Asia.