Bilateral trade potential unexplored:  Russian Trade Representative

LAHORE: Russian Trade Representative Yury Kozlov has said that the potential of trade between Pakistan and Russia needs to be enhanced and explored.

Speaking at the Lahore Chamber of Commerce and Industry on Wednesday, he stressed the need for enhancing cooperation with each other to increase the two-way trade. He said that the trade relations between the two countries have been at a standstill with just four items being traded. There is a need to explore more sectors of trade, he said.

The trade representative said that he is constantly in touch with the Pakistani business community and his counterpart to develop more business interaction. He while addressing the business community informed of the keen interest of Russian Businessmen in the development of trade and investments. He invited the LCCI office-bearers to attend the 6th session of Pak-Russia IGC (Inter-Governmental Commission) that is to be held in December at Islamabad.

LCCI President Irfan Iqbal Sheikh suggested the establishment of a head office of Russian Trade Representatives in Lahore. He spoke about the potential of Punjab as a province with various trade sectors.

The LCCI President stressed the need for direct banking channels between the two countries to streamline the process of investing and trade. He also spoke about the growing trade volume between the two countries but also thought that the trade potential still hasn’t been explored.

Irfan Iqbal Sheikh lauded the role of Russia in the construction of North and South gas pipeline from Karachi to Lahore. He also expressed that Russian expertise can help revitalise the Pakistan Steel Mills. Pakistan food exporters can capitalise on the Russian market as the agricultural imports from the European Union have come to a halt.