Yekaterinburg, 28 November 2021 (TDI): The 7th Pakistan-Russia Intergovernmental Commissions on Trade, Economic, Scientific, and Technical Cooperation concluded meetings successfully on 26 November 2021. The IGC held three-day-long talks. Multiple Memorandums of Understanding and agreements have been signed during the talks.
Two major milestones achieved at the event included the Shareholders and Facilitation Agreements and MoUs signed by the Ural Chamber of Commerce and Industry and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
The Shareholders and Facilitation Agreements
Pakistan and Russia agreed on a ‘Discussion Draft’ of the Shareholders Agreement for the Special Purpose Company (SPC). The draft provides an outline for the construction of the ‘Pakistan Stream’ gas pipeline project. Both sides agreed to commit to signing the ‘Shareholders Agreement’ by 15 February 2022. The terms and conditions of the agreement were agreed on earlier on 28 May 2021 and 15 July 2021.
Ural Chamber of Commerce and Industry and FPCCI Signed MoU
Minister of Economic Affairs Omar Ayub, also witnessed the signing of a Memorandum of Understanding between the Ural Chamber of Commerce and Industry and FPCCI. The MoU aims to enhance opportunities for economic and trade cooperation between Pakistan and Russia.
Pakistan and Russia have agreed on “Discussion Draft” of the Shareholders Agreement for the Special Purpose Company (SPC) for construction of the “Pakistan Stream” gas pipeline project and resolved to sign the Shareholders Agreement by February 15, 2022.@OmarAyubKhan pic.twitter.com/TmVc8FSubD
— PTV News (@PTVNewsOfficial) November 26, 2021
This ceremony was attended by a host of dignitaries including the Ambassador of Pakistan to Russia Shafqat Ali Khan, Minister of Trade and Investment in Pakistan Embassy Nasir Hamid. The Russian side was represented by officials of the Russian Ministry of Economic Development.
Ural Chamber of Commerce and Industry’s Vice President Mikhail Kozlov and FPCCI’s representative Mohsin Sheikh were also present at the occasion.
MoU has marked a new step in bilateral relations btwn Russian Ural Chamber and Pak FPCCI.
Mr Mikhail Kozlov & Mr Mohsin Sheikh also discuss new opportunities of trade cooperation & niches for Pakistani companies that seek to enter the Russian market@RadioPakistan @MoCommercePk pic.twitter.com/feAwOoIq8z— Economic Affairs Division, Government of Pakistan (@eadgop) November 25, 2021
Other Major Developments
A host of areas were brought under discussions that took place at the IGC. Both sides showed interest in cooperating in diverse areas. For instance, working together in the exploration of mineral resources. Russia agreed to develop major stakes in Pakistan Railways. Other exchanges and agreements included the energy sector, aviation, and navigation among others.
The IGC highlighted for both sides that the current volume of trade does not meet the potential it can achieve. Both sides agreed to pursue policies that will further strengthen trade cooperation, increase investment opportunities, expand technological transfers, and access to mutual markets.
Pakistan-Russia Inter Government Commissions (IGC) on Trade, Economic, Scientific and Technical Cooperation are held alternately in the capitals of both the countries. The Inter-Governmental Commission on Economic, Trade, Scientific, and Technical Cooperation is a very important institutional structure for discussing a variety of issues, ideas, and proposals to improve economic ties.”
