Islamabad, 20 January 2023 (TDI): Following the end of the 8th session of the Intergovernmental Commission (IGC), Pakistan and Russia agreed to sign some agreements for the advancement of cooperation in various fields, on Friday.

The 8th session of IGC took place in Islamabad from 18 to 2o January. The purpose of the meeting was to review existing areas of cooperation and identify new opportunities to deepen bilateral relations.

Around eighty members Russian delegation attended the meeting. Nikolay Shulginov, Minister of Energy for the Russian Federation headed the delegation.

Address by the Economic Minister of Pakistan

Addressing the concluding session, Minister for Economic Affairs, Ayaz Sadiq said the 8th IGC would lay the foundation of a ‘new relationship’ between Russia and Pakistan.

The cooperation will increase in sectors including energy, education, and business-to-business transactions. In this vein, he said, “Both countries will sign agreements of cooperation and some of them are in the pipeline.”

Sadiq also expressed gratitude to the Russian government for agreeing to suspend debt service for Pakistan during this critical time. He appreciated the international community for helping the flood-affected communities of Pakistan.

Economic cooperation

Both parties acknowledged favorable prospects for agreements that have a significant impact on the socio-economic growth of both nations.

The Commission decided that both sides’ relevant ministries and departments will strongly pursue this opportunity for shared prosperity.

Also read: Pakistan, Russia intergovernmental commission meeting begins in Islamabad

Both parties concurred that the oil and gas trading transaction will be set up so that both nations can profit economically if a consensus on the technical requirements is reached.

The procedure must be finished by March 2023. The officials committed to expanding energy infrastructure investment, and cooperation.

To provide the groundwork for future work and have it completed by 2023, they have committed to collaborate on a “Comprehensive Plan for Energy Cooperation.”

Both parties concurred that the Pakistan Stream Gas Pipeline Project should be viewed in terms of a comprehensive infrastructure that is economically viable for the development of a sustainable gas infrastructure that ensures reliable, inexpensive gas supplies.

Business & Education Cooperation

The two parties also talked about creative business strategies, including bartering, and decided to look into it more. They agreed to share information for the development of railroad infrastructure to promote regional integration and Eurasian connectivity.

Both sides have resolved the pending issues related to the exchange of information on certificates of origin of goods. It was done via an electronic verification system.

The parties concurred on the designation of focal individuals from each side to advance bilateral cooperation & discuss problems pertaining to connectivity and logistics in Central and South Asia.

Other agreements signed by parties

During the concluding session, some other agreements were signed. It includes an agreement regarding Cooperation and mutual assistance in customs matters between the Government of the Russian Federation & the Islamic Republic of Pakistan.

Protocol on the exchange of documents and data on the Customs value of goods transported between the Russian Federation and the Islamic Republic of Pakistan. Working agreement regarding aeronautical products.