An agreement on the establishment of Inter Governmental Commission going to be signed during Commerce Minister’s forthcoming visit to Ukraine

Islamabad, July 09, 2012 (PPI-OT): Ambassador of Ukraine H.E Mr. Volodymyr Lokomov met Senior Commerce Minister Mr. Makhdoom Amin Fahim here today to discuss various dimensions of trade between Ukraine and Pakistan. The ambassador formally invited Senior Commerce Minister to visit Ukraine along with business delegation on 24-25th July 2012 to explore new trade avenues. A draft agreement on the establishment of Inter Governmental Commission (IGC) on trade and economic cooperation is going to be signed by both sides during Minister’s visit to Ukraine.

This agreement envisages holding meeting of representatives of two countries at least once biennially and arranging special meeting of working group of experts at a time when require by both parties. The Ukraine Ambassador also informed that Ukraine investors are ready to invest in Pakistan especially in the field of energy like wind and solar based power generation.

The Commerce Minister accepted the invitation and highlighted on the need of broadening trade relations between the two countries. He informed that Pakistan has been consistently facing an adverse balance of trade with Ukraine and it is high time to find new ways and means to reduce the trade imbalance. In 2011-12 (July-Dec) total volume of trade was US$ 105.82 million with balance of trade in favour of Ukraine due to heavy import of fertilizers, added by minister.

It is to inform that Pakistan exports were worth $ 81.9 million in 2010-11 while imports were $ 71.1 million in 2010-11

For more information, contact:
Ministry of Commerce
Mr. Iftikhar Ali Qureshi,
ACS/Incharge Computer Section,
Tel: 051-9208692,