The Cabinet in its last meeting, on November 10, 2010, was informed that during the visit of the Russian President to Pakistan in April, 2007, the two countries had keenly desired to finalise the agreement on Promotion and Protection of Investment (APPI). This was again reiterated during the inaugural session of the Inter-Governmental Commission between the two countries.
Negotiations of Pakistan-Russia APPI and its effective implementation would not only ensure compatibility of its terms with best practices but would also act as a step towards supporting larger inflow of Russian investments and technology into Pakistan. Approval, in principle, of the Cabinet was solicited by the Board of Investment to commence negotiations leading to signing of the Agreement on promotion and protection of investment between Pakistan and the Russian Federation.
The Cabinet considered the summary, submitted by Board of Investment, on 'Approval of the Cabinet to initiate negotiations on the Pakistan-Russia agreement on promotion and protection of investments', and approved, in principle, to start negotiations on the agreement regarding promotion and protection of investment between Pakistan and Russia, sources added.