Russia and Pakistan will resolve long standing trade issues

Islamabad, March 05, 2014 (PPI-OT): Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting of the Committee formed by the Prime Minister to resolve long standing trade issues between Pakistan and Russia at the Finance Ministry today.

Secretary Commerce, Mr. Qasim Niaz briefed the Committee that there is a lot of potential in enhancing trade relations between the two countries. He said that as directed by the Prime Minister, the Commerce Ministry is trying its level best for resolving the 15 years old trade related financial disputes.

He said that we are engaged with all the stakeholders including Russian Government and trade community of Pakistan to facilitate the process of resolution of outstanding issue. He informed the Committee that the parties to the dispute have expressed their inclination for early settlement of the dispute.

The Finance Minister expressed his desire for expeditious removal of the impasse which is hampering trade relations between the two countries. He said that the political leadership has expressed its resolve to overcome the issues and take forward trade relations with Russia. He said that there are positive vibes from Russian side for investment in railways and steel manufacturing industry.

He emphasized that we need to move on fast track for resolution of this outstanding financial dispute enabling Russian investors to bring in their capital to Pakistan and explore the areas in which they can help. Finance Minister directed Secretary Commerce, Chairman BOI, Special Assistant to PM to hold meeting with the stakeholders and present final report before the Committee within a week.

The meeting was also participated by Minister for Commerce Mr. Khurram Dastagir Khan, Special Assistant to PM on Foreign Affairs, Mr. Tariq Fatmi, Dr. Waqar Masood, Finance Secretary, Advisor to Finance Ministry, Rana Assad Amin and senior officials of the Ministry of Finance.

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