Trade Representative, Embassy of Russian Federation in Pakistan Yury Kozlov has pledged to make joint efforts to enhance the volume of two-way trade and to cement the economic and diplomatic relations between the two countries. He was talking to the office-bearers of the Lahore Chamber of Commerce and Industry (LCCI) at a meeting here on Wednesday.

Speaking on the occasion, the LCCI President Malik Tahir Javaid said Pakistan and Russia are equally important for each other, therefore, both countries should strengthen cooperation in all economic sectors for mutual interests. The LCCI President spoke about the trade and opportunities and economic potential of Pakistan and importance of China-Pakistan Economic Corridor (CPEC and said, "Russian expertise in energy and engineering sector can help Pakistan grow these sectors with impressive pace. Russia helped Pakistan for establishing Pakistan Steel Mills which played crucial role in development of the country."

He said that Pakistan and Russia have been regular trading partners but the volume of two-way trade hardly reflects the actual potential of trade. The balance of trade favours Russia and among the top importing and exporting destinations of Pakistan around the globe, Russia comes at 33rd and 28th places, respectively.

Referring to recent trade figures, the LCCI President said that it is good to see that the volume of bilateral trade has improved after some years. In 2015, it was around $331 million which went up to $403 million in 2016, he said. This positive change was the result of increase in imports from Russia which ascended from $170 million to $258 million during that period. In contrast to that there has been consistent declining trend in Pakistan's exports to Russia. From 2013 on, our exports dipped from $188 million to $161 million and ended up at $145 million last year.

He said that development formal banking channels and direct flights between two countries is need of the hour as these steps will certainly give boost to bilateral trade. He said that CPEC project is well on the way towards completion and Gwadar Port has also become operational.

We are glad to see that Russia has shown interest to be part of this mega project, he said. "We are optimistic that active collaboration between Pakistan and Russia in CPEC will definitely strengthen trade and economic ties," he added.

Copyright Business Recorder, 2017