HomeNewsPakistan eyes long-term oil deal with Russia - World

Pakistan eyes long-term oil deal with Russia – World

ISLAMABAD: Com­merce Minister Gohar Ejaz and Russian Amb­assador to Pakistan Danila V. Ganich have agreed to increase bilateral trade.

An official announcement issued after the meeting said both sides reaffirmed their commitment to fostering stronger cooperation to increase the bilateral trade volume. This commitment reflects the shared interest in fortifying the enduring friendship and economic partnership between the two countries.

According to a Reuters report, the Russian news agency TASS on Thursday reported that Energy Minister Mohammad Ali had said that Pakistan was considering signing a long-term deal to buy between 0.7 million and one million tonnes (up to 20,000 barrels per day) of Russian oil per year.

The total bilateral trade amounted to $920 million in 2022-23. Pakistan’s exports to Russia totalled $74 million, while imports reached $846m. This shows that there is a bigger scope for increasing the volume of trade between the two countries.

Pakistan’s exports to Russia encompass a diverse range of products, including citrus fruit, leather apparel, ready-made garments, potatoes, home textiles, woven cotton fabrics, surgical and medical apparatus, woven fabric of synthetic staple fibre, and salt, among others. Key imports from Russia to Pakistan consist of wheat and meslin, dried leguminous vegetables, bituminous coal, and similar solid fuels manufactured from coal.

Mr Ejaz welcomed the positive developments in bilateral trade and reaffirmed Pakistan’s commitment to facilitate an environment conducive to robust economic cooperation. The meeting marks another step towards realizing the full potential of trade ties between Pakistan and Russia.

“Our discussions today have set the stage for a brighter economic partnership with Russia”, Mr Ejaz said, adding Pakistan looks forward to expanding trade, opening up new avenues for cooperation, and further strengthening the longstanding bonds of friendship between the two countries.

Published in Dawn, October 13th, 2023

Source: dawn.com

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