The Commission recommended to the Custom Services of Russia and Pakistan to expedite consideration of the draft agreement between the Government of the Russian Federation and Pakistan on cooperation and mutual assistance on customs affairs.
The Russian side expects an official response to the letter of the Ministry of Finance of the Russian Federation sent to the Ministry of Finance of Pakistan in May 2016 on the issue of signing an intergovernmental Russian-Pakistani agreement on the settlement of mutual financial claims and obligations on operations of the former USSR, previously agreed by ministries of finance of Parties.
The Pakistan side informed that the steps are being taken to resolve this issue after settlement of internal issues necessary to finalize the Pakistan side's position. The two sides noted that more efforts should be made in order to consider the possibility of establishing a working group on finance and banking cooperation between Russia and Pakistan. The sides welcomed the recent interactions of the central banks of the two countries to facilitate and enhance coordination in the banking and financial sector.
The sides have been informed that a memorandum of understanding between the State Bank of Pakistan and the Central Bank of the Russian Federation has been finalized and is ready for signing. Both the sides noted efforts of business community of the two countries to develop cooperation, including by means of exchange of delegations, participation in international exhibitions and fairs held in Russia and Pakistan, conferences on economic issues, and exchange of business information.
The sides emphasized the need for further intensifying the activities of national business councils and enhance cooperation of small and medium enterprises in business activities. The sides also considered the important proposal of the national business councils to hold the Russian industrial exhibition in Pakistan. Time and place of holding the exhibition could be coordinated by the sides through diplomatic channels.
The sides noted the interest of the Kaliningrad, Penza and Kemerovo regions of the Russian Federation to intensify contacts with the Pakistani side for further development of the mutually beneficial economic and trade cooperation. The Russian side will send concrete proposals of the abovementioned regions to the Pakistan side. The Pakistan side recognized Russia as a world leader in the areas of information/ cyber security and the Pakistan side showed interest in benefiting from the expertise and experience of the Russian Federation. Both the sides emphasized the need for intensifying cooperation in the field of railway transport, sources added.
Copyright Business Recorder, 2017