The Islamabad Chamber of Commerce and Industry (ICCI) signed a Memorandum of Agreement with the Moscow Chamber of Commerce and Industry (MCCI) to develop trade between the two countries, writes Worldfootwear.com.
The document was signed by MCCI President Ahsan Zafar Bakhtavari and Chairman of the Commission for Foreign Economic Relations with Partners in Pakistan MCCI Stanislav Korolev. The President of the Pakistan Trading House in Russia, Dr. Zahid A. Khan, also attended the signing ceremony held at the ICCI in Islamabad.
According to Ahsan Zafar Bakhtavari, Pakistan and Russia have great potential for expanding bilateral trade, which in the coming years may increase to at least $ 5 billion. He stressed that Pakistan can export many goods to Russia, including leather goods, clothing and sporting goods.
Bakhtavari added that he hoped both countries could sign a free trade agreement, explaining that Russian investors could invest in energy, oil and gas, infrastructure development, railways and other sectors in Pakistan.
Korolev, in turn, said that Russia also wants to continue expanding ties with Pakistan, recalling that he has been working with the Islamic Bank in Russia since 2015 to promote trade with Muslim countries, including Pakistan. In addition, as a result of the three-day Pakistani-Russian intergovernmental commission on trade, economic, scientific and technical cooperation, the energy ministers of Russia and Pakistan have already signed a protocol on enhancing cooperation in the energy sector.