MOSCOW: Pakistan and Russia on Friday signed memorandum of understandings (MoUs) on settlement of mutual financial claims and obligations and on Science and Technical cooperation.
The MoUs were signed after the 4th meeting of the Pakistan-Russia Inter Governmental Commission (IGC) on Trade, Economic, Scientific and Technical Cooperation held here from 18-20 November.
Finance Muhammad Ishaq Dar and Co-Chairman of the Russia-Pakistan Inter-governmental Commission on Economic, Trade and Scientific Cooperation Victor P.
Ivanov witnessed the signing of MoUs ceremony.
The MoUs signed including the Protocol of 4th IGC meeting, long outstanding Draft Agreement on settlement of mutual financial claims and obligations, and on Science and Technical cooperation.
The Working Group on Energy, comprising the Ministry of Water and Power and Ministry of Petroleum and Natural Resources also signed a Protocol (Joint Statement), engaging the Russian counterparts in energy sector.
The Commission also decided to look into the possibility of establishing five working groups on (a) Finance and Banking, (b) Industry (with sub group on Pakistan Steel Mills), (c) Food and Agriculture, (d) Transport and Logistics and (e) Education including professional training.
Both sides decided to hold the 5th session of the Inter Governmental Commission in 2016 at Moscow, Russia on mutually convenient dates.
Underscoring the importance of having high-level contacts between the two countries for further strengthening of ties, the two sides reviewed the bilateral relations and discussed possibilities of enhancing cooperation in finance, trade and investment, science and technology, industry, energy, oil and gas exploration, food and agriculture, textile, drug and narcotics control and other areas of mutual cooperation.
Talking to the media, Finance Minister Ishaq Dar said that IGC has resolved the trade disputes of around 20 years involving claims of the private businesses of the two countries.
Minister Dar also appreciated the largest investment of Russia in Pakistan through Inter Government Agreement on North South Gas pipeline worth of $2 billion on 16 October 2015.
Both sides agreed to developing a timeframe for the north-south gas pipeline and to setting up of a monitoring mechanism.
He further said that Pakistan’s agricultural exports to Russia had gone up by 60 percent during the last two years as the Moscow lifted ban on export agricultural products.
Pakistan welcomed Russian proposal to have direct air link between Moscow and Islamabad, which aims to enhance business to business and people to people contacts between the two partners.
Minister Dar stated that it was encouraging to note that over 60 delegates from the Russian Federation including officials and the experts participated in the 4th IGC at Islamabad.
On the sidelines of the IGC, holding of first ever Pakistan Russia Investment Forum at Islamabad with wide representation of the private sector and the business community from Russia and Pakistan was appreciated.
Mutual desire was expressed to enhance bilateral trade relations and investment, particularly in the field of energy and agriculture.
Ivanov, Co-Chairman of the Russia-Pakistan Inter-governmental Commission, said the two countries bilateral relations had entered a new phase.
Over 60 top businessmen and delegates, besides government officials, attended the first ever Pak-Russia Business Forum while the IGC meeting remained productive, he added.
The Russian side appreciated high quality of Pakistan’s agricultural products and expressed an interest for an increasing their exports to Russia.
