Pakistan, Russia sign deal to boost economic co-op

Business Desk :
Pakistan and Russia have signed a bilateral trade agreement aimed at facilitating and reducing costs of trade between the two countries.
The deal was signed during a three-day economic conference for Muslim countries that concluded on Friday in Kazan, Russia. The conference brought together participants from 85 countries, fostering a platform for the exchange of business ideas, reports Dawn.

Both countries signed the protocol relating to customs cooperation between Pakistan’s Ministry of Commerce and the Federal Customs Services of the Russian Federation. This protocol serves as a vital legal framework for the development of commercial relations between the two nations.

In addition to facilitating the smooth movement of goods between Pakistan and Russia, the protocol also offers a substantial customs duty discount for Pakistani products upon entering the Russian market.

The protocol encompasses administrative cooperation and the exchange of information within the framework of the unified Tariff Preferences of the Eurasian Economic Union.

Pakistan’s Commerce Minister Naveed Qamar visited Kazan to represent Pakistan at the conference. During his visit, he held a meeting with Rustam Minnikhanov, the leader of Tatarstan, a region in Russia.