The leaders and members of UBG have expressed their optimism that the visit of the Prime Minister of Pakistan to Russia will open new avenues for the promotion of bilateral trade and economic relations with Russia.
They said that the bilateral talks between the head of state of Pakistan and Russia would strengthen economic cooperation and prosperity, particularly with respect to the resumption of the construction of the Pakistan Stream Gas Pipeline Project which is a 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 to 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 the private sector of both countries frequently meet each other and banking channels are opened and made operative. There are lots of hidden areas in the trade that 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 that are also active members of the Shanghai Cooperation Organization (SCO).
Russian exports to Pakistan is the US $ 34. 3 million while it imported $ 23. 8 million from Pakistan in 2020-21. This amount of trade figures apparently does 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 the 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.
