Lahore: Russian Ambassador to Pakistan Alexey Yuievich Dedov said that bilateral trade between Pakistan and Russia can be enhanced significantly if direct banking channels are established between them, according to a news source. He was speaking to the office-bearers of Lahore Chamber of Commerce and Industry (LCCI).
He said that the current level of trade between Pakistan and Russia is encouraging and it will be enhanced further when the chairman of Trade and Economic Commission has been appointed. The Prime Ministers of the two countries have already agreed on these details.
Speaking on the occasion, Trade Representative Yury M Kozlov said that it had been agreed between Russian Central Bank and the National bank of Pakistan (NBP) that a branch of NBP will be established in Russia, but that decision has not been implemented yet. He added that both the countries lose money when the payment pass through the banks of a third country like Dubai. He also welcomed the idea of a barter system between the two countries.
LCCI President Almas Hyder said that during the last three years, the overall trade volume has gone up from USD 331 million to USD 442 million, but felt that the actual potential is much higher. He also said that Pakistan’s exports have fallen down to USD 131 million since 2013, when they stood at USD 206 million.
Pakistan exports citrus fruit, apparel, rice, woven fabric, hosiery items, sports goods, and home textiles to Russia. The major imports from Russia are dried vegetables, newsprint, coal, synthetic rubber, ferrous waste and scrap iron.
