8th Session of Pakistani-Russian Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation

ISLAMABAD: 19 Jan 2023 – 8th meeting of the Pakistani-Russian Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation started in Islamabad on Wednesday to explore new opportunities for further increasing the bilateral relations between the two countries.

On the first day, technical sessions were held on trade and investment; agriculture; energy; industry; education; science and technology; information and communication technologies; finance, customs and communication including roads, postal service and railways. Opening statement was made by Secretary Ministry of Economic Affairs Dr Kazim Niaz from Pakistan side and by Deputy Director of the Department of Ministry of Economic Development of Russian Federation Israfil Ali-Zade from the Russian side.

During inauguration, the Secretary Economic Affairs Division shared that there exists huge potential to benefit from comparative advantage between Pakistan and Russia. Pakistan got a big hit due to devastating flood and currently Pakistan is carrying out reconstruction and rehabilitation programs at extensive level. Dr. Kazim Niaz appreciated the support extended by international community during such a times of crisis. He also shared sentiments of gratitude to Russian government for their continuous support during this whole time.

Deputy Director of the Department of Ministry of Economic Development of Russian Federation Israfil Ali-Zade, during inaugural session, stated that Russia highly values its relations with Pakistan. He mentioned that there is a good level of cooperation in all sectors of economy. However, there are various new avenues and opportunities that need to be explored further. Therefore, this session aims at reviewing the existing areas of cooperation and finding new opportunities for further deepening the bilateral relations.

The Russian delegation comprising of 80 members are carrying out on-going technical consultations in various areas. The areas of consultation include trade and investment, Agriculture, energy, and industry. Other areas under consultation are education, science, technology, and information and communication technologies. The groups from both sides will hold technical consultations in working sessions on their respective agenda items. Each group will have one lead delegate from each side. Main Protocol of the Commission will be discussed, conformed and signed in plenary session on 20th Jan.

Meanwhile, Pakistani-Russian Intergovernmental Commission is likely to finalise protocols in the sphere of customs and aviation tomorrow (Friday) and will discuss oil import from Russia, Pakistan Stream Gas Pipeline (PSGP), and settlement of Pakistan’s debt to Russia. Chairman of the Russian side, Minister of Energy of the Russian Federation N. Shulginov and chairman of the Pakistani side, Minister of Economic Affairs of Pakistan Sardar Ayaz Sadiq will lead their respective sides in the meeting of Pakistani-Russian Intergovernmental Commission.

On January 20th, the final protocol of the 8th meeting of the Commission and documents in the sphere of customs and aviation will be signed, official source told The Nation. On the last day of the Intergovernmental Commission meeting, nine-point agenda will be discussed, official source said. On Friday, both the countries will discuss the settlement of Pakistan’s debt to Russia, formation of an infrastructure for making mutual foreign trade payments, which are not under sanctions pressure from third countries, including – the allocation of authorized banks and the establishment of direct correspondent affairs for settlements in national currencies. In the session of the Commission, the parties will discuss Russian-Pakistani trade and investment, the volume of bilateral trade turnover for 2021 and January-November 2022.